10 small price setting strategies to double your conversions

Product price is an important factor in users’ decision of whether to buy or not. There are many tips in its setting. Let’s take a look at the ten tips summarized by the author. If used well, your conversion rate can be doubled.

Whether you are doing marketing and selling a new product; or you are doing operations and planning a user event; or you are running a public account and preparing an online training course.

All of them are inseparable from one thing - price setting.

A good price presentation can directly influence the user's final choice and decision, and double your conversion rate!

Well, let me share with you some price setting strategies below, which are simple and practical.

1. Subtract 1 from the number on the left of the price

Consumers are most sensitive when the numbers to the left of a price change, for example:

• 300 and 299
• 10 and 9.9

When everyone takes a look at it, they will immediately have a different psychological feeling. There is no need to say too much, the psychological impression is just a matter of a moment.

You can reduce the number on the left by making a slight adjustment to the price. There is actually not much difference in price, but the psychological difference among consumers is indeed huge.

2. Reduce the low price

Big is big, small is small, this is the subconscious perception of consumers.

If you want to create the perception among consumers that a certain item is cheap, you can visually place larger elements around the price, or simply reduce the price to create the perception of a lower price through contrast.

But if it’s a discount, you have to do the opposite, because to highlight the discount, the discount number can be larger.

In addition to reducing the size of the displayed price, you can also try using text that is more literal in size.

That is to say, putting some descriptions meaning less/smaller in quantity (such as low, small, tiny, etc.) around the price can also affect consumers' perception of the price and make them unconsciously think that the price is low.

3. Put the price in another way

You can break down the price into daily price, monthly price, per price, per section price, etc. to make the price seem smaller.

For example, 288 yuan a year can be said to be 24 yuan per month. This algorithm will also make consumers perceive that the total price is lower.

Likewise, you can compare prices to other common small-ticket items.

For example, if a marketing course costs 49 yuan, you can say: less than the price of a cup of coffee.

4. Put low prices on the left

On a screen, try placing the low price you want to highlight on the left side.

Studies have found that people imagine numbers as horizontal lines, with numbers gradually increasing from left to right.

In our brains, we tend to put smaller numbers on the left, such as 1, 2, 3, 4, 5, 6...Except for countdown, we rarely read backwards in our brains.

So by placing the low price further to the left of the product, the brain will perceive a lower price.

5. Pay attention to the order of prices and products

If the products you sell are high-end products and you hope that consumers will pay more attention to your product culture, quality, and style rather than the price, you can display the product first and then the price.

Because the products are displayed first, consumers will consider the product's culture, quality, and style more as references when making purchasing decisions.

If you are selling some practical products with price advantages or high cost performance, and you hope that consumers will pay more attention to the high cost performance, favorable prices and cheapness of your products, then you can show the price first and then display the product.

Because when the price appears first, consumers pay more attention to price discounts and are more willing to use cost-effectiveness as a reason for purchase.

6. Men can use red price

Men tend not to look at advertisements carefully, and often tend to use the color of the price as the key to judging the strength of the discount.

When men encounter a red price, they are more inclined to make decisions at that price. (He may think this is a huge discount)

7. Take advantage of the anchoring effect

If you think your prices are a bit high but want to make them more acceptable to consumers, you can show consumers some higher price anchor points, which may increase consumers' perceived prices! They will be willing to pay a higher price for your product.

This means that your consumers can unconsciously notice a higher number.

When people see numbers of higher magnitude, their price perception will be influenced by the anchoring effect of the larger number, and they will be more willing to accept the higher price. And when I saw your price, I didn’t think it was particularly expensive.

8. Place prices to the right of larger quantities

Suppose you need to sell a bunch of products now, which of the following price settings would be better?

1. 29 yuan 70 pieces
2. 70 pieces for 29 yuan

When your product has this kind of selling price, you can put a larger quantity at the front.

However, if the quantity is small, don't put it like this, such as 5 for 80 yuan, as this will make people feel it is very expensive.

9.100 Discount Principle

Why do we have discounts? It makes consumers feel like they are getting a discount and a great deal, right?

So how can we make consumers feel it’s a better deal for the same preferential price?

• When your price is below 100, show the discount as a percentage. For example, 60 yuan, a 30% discount.
• When the price is over 100, show the discount with the actual amount. For example, if the order is 600 yuan, the discount is 180 yuan.

10. Place the sale price to the right of the original price

If you want to put the promotional price next to the original price, it is recommended that you put the promotional price to the right of the original price, because this way consumers will feel the greatest discount.

However, when your discount is particularly large, it is recommended to place it on the left to highlight the discount, because when the discount is particularly large, it itself is already a highlighted item rather than a comparison item.

Okay, there you have it, 10 tips for setting prices.

It’s enough to play around with, maybe it will double your conversions!

Of course, everything is based on the product.

The product makes the consumers excited, and the price only encourages them to place orders faster. Don't put the cart before the horse.

above.