The 5 Most Popular Pricing Strategies That Use Psychology to Their Advantage

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As a consumer, you have probably seen certain pricing trends that are nothing more than strategies intended to increase sales. However, before deciding on one of them for your business, you must carefully analyze your positioning, as well as your audience's perception, in order to choose the most appropriate one:

Round price . This is the opposite of the following pricing strategy that we explain below, but it is becoming more and more common. It is associated with more transparent communication and absolute simplicity. A product costs €10, €5 or €1. Generally, the name “round price” itself is also used to attract the attention of the potential customer.
Odd price . This is the typical strategy that plays with mental perception. Does a product marked at €9.99 cost more or less than one marked at €10? That cent is undoubtedly one of the best ways for the brain to assume that 9 is much cheaper than 10.
Prestige price . In this case, price positioning occurs, which the pakistan consumer email list consumer assumes is positive at the top of the scale. That is, a certain brand decides that its cost will be much higher than that of the competition that is positioned at a low price (even more than double), because in this way not only will its profit be greater, but the customer assumes that they are acquiring a higher quality product or one with greater added value.
Relative price . This pricing strategy refers to the positioning of a certain product in comparison to other similar products. For example, in Google Shopping, if you manage to get what you are selling to appear positioned with similar products that cost much more, it will appear that the price of your own product is low. Although the opposite can also occur. For example, a school diary that costs €10 is expensive if the results show similar products between €3 and €5. But the opposite is true if those that appear have a value of between €12 and €30.
Logical pricing . This category includes issues that consumers take for granted and which would not be easily understood if changes were implemented without a very well-justified reason. For example, the cost of the newspaper during the week and the cost of the weekend due to the inclusion of one or more magazines or specials.
Obviously, these pricing strategies require a good understanding of the target audience . Otherwise, a change that is not perceived in the right way can turn a sales increase proposal into the exact opposite.