Psychology Hacks to Make Your Product Seem Like a Total Bargain
Consumers of the online era have more options than ever before. Shopping at an online store simplifies almost every spending opportunity; the range of choices and varieties in each and every product category continues to expand; and the information flow that enables comparisons and research fosters competent and clever consumer behavior.
These are all positive developments that are ultimately beneficial to both shoppers and business owners, but they do create a highly competitive environment in which online stores must take all the right steps to keep those sales coming. One of these crucial steps is optimizing your pricing and selling techniques to convince your clients that buying your products is truly an awesome decision.
Using the following psychological tricks, you can assure clients that they are getting the deal of a lifetime. Let’s be clear – this is not an invitation to scam and cheat. If you really believe in the value of your products, then you are doing nothing wrong in applying marketing tactics to your benefit.
Remember: While you are well familiar with your products’ many benefits, your clients may need some extra persuasion before they click the Purchase button. The psychology hacks that we detail here simply help them to choose your business over your competitors.
When presented with two similar products that are priced differently, many customers intuitively opt for the cheaper one. If you add a third option to the mix the decision becomes more complicated, leading more customers to choose a more expensive product that offers a better deal. In sales, this is called the Decoy Effect.
We can see how this effect works by examining a famous journal’s subscription plans:
Plan 1 offers web-only subscription for $59 Plan 2 offers print-only for $125 Plan 3 offers both print and web subscriptions for $125 If we ignore plan 3 for a second, plan 1 does seem like a solid option while plan 2, more than double in price, seems both less affordable and less practical. Once plan 3 is on the table, though, the option of getting more value appears more tempting. In this case, plan 2 is the decoy. It’s only there to make plan 3 seem like a bargain by offering less for the same price.Leave a reply