The Psychology of Pricing [VIDEO]

The Psychology of Pricing. How to set attractive prices for your services and products.

Show Notes:

Do the numbers in your prices actually matter? YES. 

Psychology of Ending Numbers:

A. Luxury/Quality = 0

B. Value = 9

C. Bargain = 7

My favorite pricing strategy? Price everything at 9, then selectively use 0 and 7 as desired

Rounding Up and Down:

  1. Keep prices under the 100’s/1000’s when you can.
  2. Also stay under the 50’s/500’s when you can.
  3. Over $699, might round up to $999/997.

Prices already low? Go UP!!!

Tree hugger tip:  Put prices on a rate card tucked inside your menu

PS: I forgot to finish my thought about how much numbers matter! So while testing says that YES, you can definitely increase sales with the use of “magic numbers,” they aren’t the most important thing. What IS most important is that you create an engaging and attractive offer. You must get their attention first. You don’t want to lead your marketing strictly by price! That’s how you end up being the discount house. Make your offer is enticing FIRST, then seal the deal with an attractive price.

ENROLL in my FREE 3-part intro course to Clients & Cash: Promote Your Practice in a Flash

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About the Author

Jaya Savannah - Chief Inspiration Officer. Strategy Coach for Holistic Businesses. Trainer, speaker, and writer. Spiritually aware, yet street smart. Elephant lover.