3 product pricing hacks backed by psychology.

These simple tweaks on your website could increase your sales. If you're not thinking about people's cognitive biases when you're pricing your products. You're leaving money on the table. Here are 3 things you can do today to increase your product sales… 1. Price anchoring Have you ever gone to buy a car and the salesman shows you something way out of your price range? Then the next car he shows you has similar features but it's less expensive? Or when you were buying a house and the realtor showed you a big fancy house that was WAY out of your price range. Then she showed you something less expensive but still more than what you would like to pay for. If she showed you the second one first it might not seem as reasonable to you. That's price anchoring. If you show the most expensive package first. Your other packages will seem like a "good deal" in comparison. The way you can use this on your site is to put the most expensive bundle or products first. If you don't have an expensive product make one. Not only will you sell more of your other products. You will have a certain amount of customers who buy the expensive thing. Because it's expensive. 2. Charm pricing Have you ever gone into Walmart and noticed everything's price has a 99 behind it? like: 4.99 or 9.99 the prices never have a 0 behind them. That’s called charm pricing. It works pretty much the same as price anchoring. When your brain sees a number it processes that information very. If there is smaller numbers behind the first number the first number feels bigger. But if there are larger numbers behind the first number. The first number will feel smaller. Believe it or not, you increase perceived value if you price your product at $1099 vs. $1000. If you go on Apple's website right now you will see that every iPhone ends with a 9. To try this on your site make sure the last numbers on your product are bigger than the first. 3. Bundles It’s late at night. I'm watching T.V. A guy comes onto the screen talking about how great this kitchen knife is. At the end of the commercial, he says... "Today you get this knife for 39.99, but that's not all if you order right now you get the whole set. That's 10 knives for 39.99. Thats right. Normally we charge over a hundred dollars for this set. But if you order right now you get the master kitchen knife and 10 more knives for free for only 39.99" "Wow that's a great deal if you buy one knife you get 10 for free?" I thought to myself. The truth is he was charging 39.99 for all 11 knives and making a profit. But because he split the bundle apart and offered the other parts for "FREE" it felt like a great deal. A cheesy and extreme example would be... "Buy this charger and headphone set today for $1099 and you get the brand new iPhone for free" Consumers are more sophisticated nowadays so you would do better to reverse that. In our knife example, we would sell the 10 and give one away for free. see if you can split up your product or service and offer the other components as free bonuses. It will increase perceived value. BONUS TIP: Make the physical numbers on your prices smaller it makes the number feel smaller. As you can see a few simple changes can increase your sales. Make sure you always A/B split test these changes one at a time. See if they improve conversions on your site. P.S. If you like marketing posts like these, give it an upvote.