The calculation of the sale price is a delicate activity. Discover 5 secrets to neuromarketing for pricing strategies. Make now your effective pricing!
How to determine the selling price of the products offered to the public?
Question of common interest will respond immediately, reporting the following 5 tips to consider before you quantify the actual price of the products-services: real pricing strategies supported by studies and tests, psychology and neuromarketing.
#1 – Use round figures
Although many traders continue undeterred to prefer ending the amounts for, 99 cents, this pricing technique (focused on the hope of convincing buyers to believe they are saving) is now for some time exceeded : according to the results of a survey conducted recently, the 57% of respondents take sides in favor of round figures, justifying their preference with the fact that the full numbers would be better able to convey honesty.
#2 – It exploits the effect of anchoring
To explain perfectly what is the anchor effect and how to exploit it to their advantage, we assume to be of real estate agents who have to say to some buyers how much is the apartment of choice.
The first price offered to potential buyers inevitably influences them in the perceived value of the evaluation: the higher the cost of starting, as the cottage appears of value. This mechanism (which is active in the minds of those who spend so absolutely unconscious) should only be used with full knowledge and awareness because, simply wrong approach, you risk losing more or less considerable sums of money.
Another opportunity for maximum yield of anchor effect is the tiling several similar products and with different ordering prices always the most expensive to least expensive. This will stimulate people to value the product upward and prepare towards the possibility of a purchase of higher value.
You may also like to read another article on Tradenligne: Business management of a start-up: 5 tips to grow the business and become successful companies
#3 – Instead of lowering prices, increases the value
When customers complain of a price too high sales, the best solution is to increase and / or better convey the value of the products-services without reducing the final cost. This is because, at the generic level, complaints may be because:
- Buyers do not have enough money (in this case, the seller cannot help it);
- Buyer does not receive the actual value of the goods to be purchased (in this case, the seller can change their marketing strategies).
If in the first case the seller is not willing to sell their goods is unable to resolve the matter, in the second case can change their business and marketing strategies in order to make sense to the customer the actual quality of the item at the same time justifying the cost.
#4 – Raise pricing
Regardless of the level of quality of a certain product, the perception of its value comes highly of the price : if a bottle of wine worth $30 but is sold at $50, who buys tend to think that its cost is proportionate to the its characteristics and, vice versa, its features that would justify the cost.
Given that higher spending in the public creates the illusion of better items, it is always better to propose products with a certain price increase, however, making sure not to overdo it. Obviously, this is a very general and functional account only of markets and products with non-price competition.
#5 – Delete in or out of the dollar symbol
When it comes to pricing strategies, it is appropriate to remind the operators that the euro symbol or the currency used in the country of origin gives the consumer the knowledge to be effective to spend the money. If you completely remove the symbol from price lists and menus is not recommended, it can still make it smaller than the names of the products, so as to direct the consumer focus on what they are to receive rather than on the fact of having your wallet. It seems absurd, but many psychological studies have shown that the smaller the currency symbol, the lower the anxiety of the consumer towards the expenditure to be incurred!
These are our 5 tips to determine the selling price of products-services: effective solutions that go to act directly on the psychological sphere of customers, encouraging them to buy.