7 Psychological Strategies to Help You Increase Your Sales

Yes, there are some psychological tricks approved by marketing experts that work by making customers feel that the price actually written on the product is lower than its real price. This method in marketing is called psychological pricing. What is it? What are the most important strategies related to it?

What is psychological pricing?

It is one of the effective psychological strategies in the field of marketing that is used during product pricing in order to convince the customer to buy it, as it makes him feel psychologically that the price of the product is lower.

What are the most popular psychological pricing strategies?

There are many psychological pricing strategies that marketing experts see as effective in increasing profits and achieving sales. The most famous of these strategies are the following:

1. Magician's Strategy: Reduce the number in the left column.

In the past, there was a common belief that the number 9 brings luck. Perhaps the most famous example of this is that many stores price their products at 99.99 dollars, for example, which gives the mind a response that the value of the product is less than 100 dollars. However, with the advancement of marketing, experts found that the idea is not the number 9 itself, but rather its position, such that sales of a pen priced at 5.79 cannot exceed those of a pen priced at 5.8, because you will not feel the difference between the prices of the two products.

But when you write that the price of the pen is 2.99, you will feel that it is less valuable than 3 pounds, so the idea is to reduce the number in the left column and not in the number 9 itself. So the latest marketing plans depend on not writing the price with a whole number, meaning not writing that the value of the product is 50 dollars, for example,
but writing the price as 49.99 dollars.

2. Font and color strategy: Write the price in a smaller font.

There is confusion in the human mind between visual value and numerical value. When the customer sees that the number is written in a smaller font, it makes him feel that the value of the number is less. Marketing experts have found that the chances of selling a product whose price is written in a smaller font are greater than a product whose price is clearly displayed. Therefore, in the case of discounts, it is recommended to do the opposite, meaning that the value of the discount is highlighted by writing it at a higher price, which makes the customer feel that the discount is actually greater than its real value.

As for the color strategy, it is noted that writing the prices of men’s products in red increases their sales opportunities. The explanation for this is that the color red indicates competition and dominance, which is something that is characteristic of men.

3. Less Powerful Words Strategy: Words that Denote Fewness

One of the most important psychological strategies that can make the customer feel that the actual price of the product is less than its value is to use some words such as: “scarcity”, “rare”, while describing the product. For example, if you are marketing baby diapers, do not use words such as “highly absorbent” because this will be translated in the customer’s mind that the price is high due to the high capabilities of the product.

Instead, use words that convey the same meaning but have a different psychological connotation. For example, when describing baby diapers, say “less leakage potential.” This is linked to the customer’s low actual value of the product’s price, which helps increase the customer’s desire to buy the product.

4. Pricing Strategy Based on Daily Usage: Make the daily value of your product a low price.

One of the most important psychological strategies is to make the customer feel that the daily value of the product is very low. For example, if you are a company that sells a cooking product, let's say cooking oil, and you set its price at 30 dollars, the customer may feel that the price is a bit high, but if you tell him that this package is enough for at least four months of use, the actual daily value of the product will be only about 0.4 dollars and then he will feel that the value is less.

5. Attractive Offer Strategy

This strategy works effectively as many stores hold offers on several occasions that support buying two products together at a lower price than buying each one separately. Or buying one product and getting another one with a free gift, so the buyer thinks that he got the product at a special price and that he was exposed to a special deal.

6. Affordability Strategy: Installment and No One-Time Payment

This strategy is ideal especially with high-priced products. How many times have you seen a certain product and discovered that you could not buy it because its price was high, and the only way was what was presented to you as an offer to pay for it in several times, so that each time it was a small amount that suits your capabilities.

7. Trick Effect Strategy: Get people to buy the big product by adding a lot of value to the lower product.

This psychological strategy appears in marketing in retail outlets, restaurants, cinemas and other places that rely on offering a product in different sizes, small, medium and large, and then displaying the medium product at a somewhat higher price, which prompts you to buy the larger product. In other words, when you go to a restaurant and find that a certain sandwich has three sizes, the small one is priced at 5 dollars, while the medium one is 8 and the large one is 10, it is logical that you will buy the larger one because the price of the medium one is higher than its actual value, which gives you a psychological feeling that the larger one has a special price and a higher value, so you want to get it.

These eight strategies are among the most famous psychological pricing methods that help sell products and increase public demand for them. Of course, there are many other methods, but these methods are the simplest and most effective, so we advise you to follow them while marketing your products to ensure profits and increase sales.