{"id":2340,"date":"2018-05-14T11:29:08","date_gmt":"2018-05-14T11:29:08","guid":{"rendered":"http:\/\/www.smlwindia.com\/?p=2340"},"modified":"2018-05-14T11:29:08","modified_gmt":"2018-05-14T11:29:08","slug":"pricing-psychology","status":"publish","type":"post","link":"https:\/\/www.smlwindia.com\/our-blog\/pricing-psychology\/","title":{"rendered":"Pricing psychology"},"content":{"rendered":"

Pricing psychology is not a new phenomenon. In fact, even if you look at the words \u201cpricing psychology\u201d or \u201cstrategic pricing,\u201d you intuitively know what it means.
\n\"best<\/a>
\nOverall, it\u2019s a tactic that takes advantage of customers\u2019 emotional responses to certain price points.
\nSince you\u2019re in the wedding business, you\u2019ve seen more than one emotional response, right? (Has a bride carried in your store today?)
\nRight. So this is nothing new.
\nIf you think that strategic pricing is as simple as immediate pricing every item in your store $99.99 or anything else ending in $0.99, you\u2019re partially right.
\nHowever, more techniques exist than just slapping a price tag that ends in $0.99 on everything in your store \u2014and there are lots of marketing studies that prove it.
\nCharm pricing<\/b>
\nCharm pricing is the technical name for the marketing magic that occurs when you, as a business owner, label things ending in $0.99<\/a>. Or, ending in 9, for that matter. $99, for example. (There just might be magic in that number!)
\nFor example, if you have a wedding planner<\/a> and wedding priced at $4,999.99, customers see that figure interpret it as four thousand dollars, not five thousand dollars. Here\u2019s a way to illustrate that:
\nMom: \u201cHoney, that\u2019s an expensive dress. It\u2019s $5,000.\u201d
\nBride: \u201cMoooom, no, it\u2019s only $4,999.\u201d
\nTo boot, customers really do favor odd pricing over whole number pricing.
\nWhy?
\nIt all comes down to rational thought\u2014they perceive that your shop employed a rational \u201cthought process\u201d in the pricing of whatever they\u2019d like to buy. Also, customers perceive odd pricing as your shop or business, having priced the item at the lowest possible price, maybe thinking, \u201cOh, they\u2019re so nice. They saved me some money.\u201d
\nYep, sure did.
\nIf they see whole numbers, they think they\u2019re being overcharged. (They might believe a wedding dress at $5,000 is a rip-off, but if it\u2019s $4,999.99\u2014they believe the company worked super hard on their behalf to keep prices as low as possible.)
\nPrestige pricing strategy<\/b>
\nHere\u2019s another interesting phenomenon: prestige pricing strategy. This is a pricing strategy that sets the prices of luxury products to the expectations of a niche class of customers who associate higher prices with superior quality.
\nThese customers are willing to pay higher prices because of the perceived social benefits they\u2019ll automatically receive by owning the product.
\nWedding businesses can\u2014and should\u2014totally capitalize on this higher-end strategy.
\nOnly a limited number of individuals can afford certain wedding items, which adds to the wedding items\u2019 exclusivity and appeals to these customers.
\nThose with expensive wedding products, take note.
\nBuy one, get one free<\/b>
\nYou\u2019ll see this all the time with cereals, soaps, lotions, smaller products, etc. Maybe you even do this in your wedding shop with smaller items such as jewelry, garters, whatever!
\nPeople naturally gravitate toward the word \u201cfree.\u201d We intuitively might know that there may be no difference in the actual final price between two items, but we would psychologically do anything for that \u201cfreebie.\u201d
\nIn fact, if you went around and did a street survey and asked whether someone would rather buy an item half off or buy one, get one free, it\u2019s possible they\u2019ll ask for free every time.
\nComparative pricing<\/b>
\nHow does it work to highlight competitors\u2019 higher pricing with your own? It might be risky, according to a study done and reported in the Stanford Graduate School of Business<\/a>. Check it out.
\nAnd what about your competitors\u2019 pricing? If your pricing is higher than your competitors\u2019, you\u2019re going to have to be able to convey the added value that comes at this price. Maybe you have better alteration options if you\u2019re a wedding dress shop. Maybe you offer more personalized service. Maybe your customer service is spectacular.
\nWhatever it is, make sure they get that.
\nVisually highlight new prices<\/b>
\nOr, there\u2019s always the old stand-by: Cross out your old price and show the new price in bigger, bolder fonts. Font, size, color\u2014it all works! Again, your customers will believer you\u2019re doing them a huge favor in return and that you truly do care about their wallets.
\nAnd you do, right?
\nAlso, it\u2019s important to understand your customer, your competition, the market and your region. Pricing psychology campaigns will be completely different in Cheyenne, Wyoming compared to New York, New York.
\nTry some different pricing strategies (and do your research), and above all else, keep track of what works and what doesn\u2019t. You might be pleasantly surprised!<\/p>\n","protected":false},"excerpt":{"rendered":"

Pricing psychology is not a new phenomenon. In fact, even if you look at the words \u201cpricing psychology\u201d or \u201cstrategic pricing,\u201d you intuitively know what it means. Overall, it\u2019s a […]<\/p>\n","protected":false},"author":1,"featured_media":2292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[27],"tags":[35,34,33,37],"yoast_head":"\nPricing psychology - Shubh Muhurat Luxury Weddings<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smlwindia.com\/our-blog\/pricing-psychology\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pricing psychology - Shubh Muhurat Luxury Weddings\" \/>\n<meta property=\"og:description\" content=\"Pricing psychology is not a new phenomenon. 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