Best Pricing Tricks to Grab the Attention of Your Clients
Pricing has always been one of the trickiest parts of a business; it doesn’t matter if it is a product or service that is being sold. This is why, in this article, we are going to let you know about some of the best pricing tricks to grab the attention of your clients or consumers. Let’s get started
Decoy Pricing
When your clients or customers intend to make a purchase, they must always choose between products with different prices and attributes. This particular method of decoy pricing is meant to influence their purchasing decision by maximizing the sales of one particular product. In this case, the seller (you) will have to offer at least three variants of the product or service – two of them should have a similar or equal price. Also, make sure that the two options or variants with similar prices are the most expensive ones compared to the inexpensive ones. This strategy will then make your clients subconsciously compare the options with similar prices and then choose the most attractive and expensive variant.
High-low Pricing
This particular pricing trick is often used predominantly by brands or companies whose goods or services are generally priced higher than their competitors. Now, this trick utilizes promotions, advertisements, and coupons, and lower prices are offered on key items. This allows the customers or clients who have been drawn to the company or brand by the discounted pricing to end up believing that they have gotten a bargain.
Loss Leader Pricing
A loss leader is a product or service that happens to be sold at a low price (often without profit) to attract new customers. The idea behind this pricing trick is the fact that it helps businesses to expand their market share very rapidly. It is a very common practice. When companies or brands first enter a market it introduces new customers to a service or product in the hopes of building a rock-solid customer base and securing recurring revenue in the future.
Odd Pricing
This is a highly effective psychological pricing trick. Prices ending in 9, 95, 97, 99 are often known as ‘charm prices’, and in this type of pricing, the seller tends to fix a price where the last digits are odd numbers. This is intended to give the client or buyer no room for bargaining, as the price appears to be less.
Bundle Pricing
Under this pricing trick, sellers combine several products in the same package. It also serves very well for clearing old stock. Some common items which are seen utilizing this trick are blu-ray and video games when they reach the end of their product cycle. Also, this technique happens to be used at auctions, where one attractive item gets included in a lot with a box of less interesting things.
This brings us to the end of our discussion on the best pricing tricks to grab your clients’ attention. Now, do let us know some of your thoughts and opinions on the same.
