There are a number of ways to influence your target customer’s perception of price so they feel they are getting a really good deal.
9s and 7s
99 cent stores are hugely successful. Any number with a 9 in it seems to work like magic. $9.99 works better than $10. People identify with the first number they see, so they feel the price is closer to $9 than to $10.
For online products, 7 as a round number works effectively, such as $7 for an eBook, $47 for an eCourse and so on.
These numbers can be used in conjunction with what is termed anchor pricing.
With anchor pricing, you show the “real value” of the item and then the retail price. It creates the perception that the consumer is getting a huge bargain. For example, if you say the value is $127, but they can buy the item today for only $27, that removes a lot of price resistance.
Making the deal a special one that will only last for a limited time will also affect their perception. In marketing terms, people are more motivated by the idea of loss, of missing out on a great deal, than they are of gaining something, so the “urgency” factor of a limited time offer (LTO) is more likely to make them hit the Buy button.
When it comes to pricing, your first reference point should be the prices that your competitors are charging for a similar product. Then you can “stack” the value of your offering; that is, add extras that are valuable and unique to your business.
For example, adding checklists, templates, cheat sheets, a quick start guide, a membership to a closed Facebook group, and so on, do not cost any money, but can add to the perception of value and make your offer look like a real bargain. You can even add a dollar value for each free item, such as $17 for a set of templates, to reinforce the notion that all your bonuses offer real value.
Think levels or tiers such as silver, gold and platinum. Set three different prices for similar products and be clear about the differences of the three. Laying the tiers out side by side as a table can help. Chances are customers will take the highest-priced item because you have created a perception that it offers the greatest value.
Showing the tiers side by side in a table can create a visual impression of real value too, because the platinum tier will have so many things listed for a price which should not be hugely more than the lowest tier.
“Just in Case”
A lot of people opt for the platinum level due to the “just in case” mentality. They are not sure what features they might need in the future, so they choose the offer that gives them the most options and therefore the best value.
Not Using Dollar Signs, or Only Tiny Ones
Dollar signs remind people of the pain of parting with their cash. This is why restaurant menus these days leave out dollar signs and just have a number. If you are running a website and have to show the sign, use different font sizes to make the sign small and the number large.
Price is one important factor in making a buying decision, but value is an important element as well. Value really is in the eye of the beholder, so try these different strategies and see which resonate with your target audience.