Make your tailored pricing page for Neuropsychologists

Charm pricing uses prices ending in the digit 9. Interestingly, studies have shown that ending prices in other odd numbers, such as 7 and 5, can work too. Consumers associate prices ending with an odd number with a lower overall price than one ending in an even number.

The most famous magic number is $9.99 studies have shown that people are more likely to buy a product that costs $9.99 than one that costs $10.

Also called ʼcharm priceʼ, the number 9 has the ability to sell more. So, items with prices ending in 9, say, 19, 99, 29.99, are bought more by customers, ing to a study in the Quantitative Marketing and Economics. In fact, in some cases, these even outsell the lower priced items.

Make Your Price Seem Lower Remove the Comma. Researchers have found that removing commas (e.g., $1,499 vs. Use Words Related to Small Size. Be Precise With Large Prices. Position Your Price to the Left. Display Your Price at the Right Time.

Psychological pricing, as a phrase on its own, describes the business practice of setting prices lower than a whole number. The idea behind reducing the left most digit is that customers will read the slightly lowered price and treat it as much lower.

Pros: Increases perceived value, encourages purchases, and creates price points that appeal to customer psychology. Cons: Risk of long-term price expectations, the potential for consumer distrust, and the need for consistent demand.

Psychological pricing is a pricing strategy that involves setting prices for products or services based on psychological effects and perceptions rather than logical or rational factors. The goal is to influence customersʼ buying habits to increase the sales volume or dollar value.

Mid-range pricing strategies are the most common type you see in mass market goods because they seek to find a middle-ground compromise between all competing factors costs versus revenues, quality versus value, demand versus competition.

Key Takeaways. Psychological pricing, a subset of pricing strategies, is commonly used to impact customer behavior. Research has shown that certain ways of formatting prices can spark a subconscious response from a customer and encourage a purchase.

The 3 Cʼs of Pricing Strategy Setting prices for your brand depends on three factors: your cost to offer the product to consumers, competitorsʼ products and pricing, and the perceived value that consumers place on your brand and product vis-a-vis the cost.