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Try This Pricing Tweak To Boost Sales
3 Min Read: Try A Simple Yet Effective Pricing Tactic!
Hi Trailblazers,
This week Iām going to shift and fill your beautiful minds with an obvious, but often overlooked, game-changing pricing tactic thatāll help you price your services to drive up sales.
In this edition, youāll find:
Use This Tactic to Tweak āļøYour Pricing and Drive Up Sales!
Mindset Shift: How To Stop Trading Time for Money
Trailblazer Spotlight: Jeannie Doughertyās 3 Money Tips to Economic Power
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Sponsored by Klever Strategies, Digital Marketing Consultancy
Marketing Nugget
Use This Hybrid āJust-Belowā Pricing Strategy
šWondering how to tweak your pricing just a bit to powerfully shift buyer perception and drive more sales?
Picture thisā¦ š”
š” Your pricing is transparent and fair, yet you're not seeing the boost in sales you've been aiming for. Itās a discouraging scenario, especially when youāre doing everything else right in your promotion or ad campaign.
Solution: š
Leverage the "$-99 pricing" (Just-Below pricing) method, but with a game-changing detail: š
Showcase the original price alongside the new discounted price.
This could turn a static $2500 into an attention-grabbing
š·ļøāWas $3000, Now Only $2499!ā tag.
Why does it work? š§
This strategy harnesses two human behaviors: avoiding detailed processing of costs and using a reference point.
Presenting a price as $2499 compared to the rounded-up āoriginalā of $3000 capitalizes on the visitor's natural tendency to cling to that left-digit, fading the real logic, yet, transfixing on the comparison and thus the "largeā price gap between ā24ā and ā30ā.
Itās a.k.a. "charm pricing," which involves ending prices with the number 9 (e.g., $9.99 instead of $10).
This "left-digit bias" where consumers disproportionately perceive the left-most digit of a price, making a price of $599 seem substantially less than $600, even though the difference is minimal could increase sales by 24% compared to rounded pricesā!
Some other numbers Iāve seen a significant impact from have ended with $X47, $X67 and $X97.
How To Act Now:
Review Your Sales Pages: Find stand-out services or items that could benefit from a just-below pricing nudge.
Prominently Show Price Reductions: Place the service's new and original prices next to each other to clearly show the hard-to-miss gap.
Analyze and Optimize: Use this strategy for services that make a good profit, targeting new customers who aren't yet fully aware of how great your offerings and conditions are.
The Bottom Line? Give a Reference Point.
That approach of pricing something just a bit lower and showing the "before" price really grabs the attention of those who love a good deal.
Itās perfect when youāre trying to capture interest, make a splash with your brand, or pull in a crowd of folks new to what youāre offering.
Remember, small tweaks can make a compounding impact in your annual revenue.
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