Psychological Techniques of Presenting Prices in Marketing

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Today, Russian consumers prefer to pay in cash. There are not many banknotes. Paper banknotes in denominations of 100, 200, 500, 1000, 2000, 5000 rubles are in circulation.

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Price analysis in marketing is very important for sales growth. When a customer sees the cost of a product, he or she calculates how many bills will need to be paid. The numbers that appear on the price tag must correspond to these values.

Should this rule be followed when it comes to electronic money? It all depends on whether the company operates in a foreign or domestic market. Foreign consumers have long been using payment cards, so the above does not apply to them.

Dumping and price reduction. What is the difference?

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However, in our country, most buyers still consider electronic money to be banknotes on a psychological level. Most likely, this state of affairs will remain for the next 10-20 years. Therefore, we recommend that you adhere to the following recommendations when presenting prices in marketing. Most often, price tags in stores are designed in this way:

However, such a view does not contribute to sales. Let's consider options for improving price tags, which it is advisable to adopt.

Simplicity

The specifics of the human brain's work determines that the buyer pronounces the numbers that he sees on the price tag. Consequently, if the price is difficult to read, then it is difficult to perceive it.

If it is difficult to perceive, it will not attract the client. It is unlikely that it will convert into a purchase. It is necessary to strive to make the price as simple as possible to perceive.

Distance between numbers

Want to artificially reduce the price in the eyes of buyers? Then do not write the numbers together. To make the cost easier to perceive, instead of "20,000 rubles." write "20,000 rubles." The ideal option is "20 thousand rubles."

Want to make the price seem bigger? In this case, it is recommended not to leave spaces between the numbers.

Bit depth

It is advisable to reduce the number of digits so that the price looks less cumbersome. It is for this purpose that prices ending in 90 are used.

For example, it is desirable to convert 10,000 to 9,990. 10 rubles is an insignificant difference, but it allows you to reduce the number of digits to four.

Nine at the end

You should not use a price where the last digit is "9". Today, buyers are negative about such tricks.

It is desirable that the number ends in "0", "5" or "7". According to statistical data, 80% of product prices end with one of these numbers.

Strikethrough/crossing out the cost

Although this trick has been around for a long time in marketing, it is still effective. The technique involves highlighting the reduced price by crossing out the old amount.

Thus, the new reduced price looks more advantageous and attractive to buyers. Unfortunately, sometimes there are cases of fraud. Instead of a real price reduction, sellers indicate a fictitious "old price" on the price tag and cross it out.

Text

To design an effective selling price tag, you don't need to list technical information about the product on it. The correct option is to indicate the benefit of purchasing the product, and not information that the buyer has a "tall, light cabinet" in front of him.

Using an asterisk

In the eyes of domestic consumers, the cost of goods with this sign will look suspicious. Today, the first associations caused by the asterisk are deception and small print in the infamous bank contracts.

Customers are wary of products with price tags that include this sign. They prefer to buy other products, fearing deception.

Therefore, if the use of an asterisk is necessary, it is advisable to replace it with a smiley.

Bonuses

Does the company practice a savings system, rather than discount cards and discounts?

In this case, it is advisable to indicate on the price tag the number of bonus points that will become available to the customer when making the next purchase.

Using Price Tag Add-ons

Various stickers and signs are attached both to the product itself and on top of it. The inscriptions on them can be very diverse: "Bargain price", "Bestseller", "Special offer", etc.

Use such additions both in regular retail outlets and in the online store.

Rejection of the term "price"

In the minds of the vast majority of consumers, the words “price” and “expensive” are inextricably linked.

This is the reason why an alternative to this concept should be used in price tags.

A great option for retail and services is the word "cost". It is also possible not to write "price" on price tags. For B2B sales, the term "investment" is well suited.

Setting time frames

Limiting the validity period of a special offer encourages consumers to make a decision to purchase goods and services faster. Use such motivating phrases as “Only today”, “Last day”, etc.

Try implementing a similar marketing move online. A counter with a countdown timer would be a suitable technology for this. However, this technique should be used with caution. Recently, a counter on the website of companies operating in various areas of the market often causes a negative reaction from visitors to the resource.