An Introduction to the Psychology of Pricing

I have a new article out today in Handmade Seller Magazine on The Psychology of Pricing. Inside I share 5 tactics to help you turn prospects into loyal buyers. Here’s a little something to get you started…

 

The Psychology Of Pricing: Five Powerful Tactics You Can Start Using Today

A lot goes into a price. That’s because we expect a lot out of it. 

Ask anyone you know to define ‘price’ and they’ll tell you that it’s the amount charged to purchase something. And that’s right,  but it’s much more than that. Price is the aggregate of several factors, all of which have the supreme capacity to create a business that fails or a business that soars.

Price has a very big job. Among other things it helps a seller:

  • Make a profit
  • Earn market share
  • Define their value 
  • Create a brand image

A lot of businesses spend far too much time changing their prices in hopes of increasing sales. But they’ve got it all wrong. The secret to more conversions does not lie in the price, but rather in the positioning and placement of it and how it’s viewed by your buyers.

By simply understanding a few simple concepts on the psychology of consumer behavior and having a good handle on what your ideal customers are looking for, you can start selling more products with very minimal effort.

 

A lot goes into a price. That’s because we expect a lot out of it. 

Ask anyone you know to define ‘price’ and they’ll tell you that it’s the amount charged to purchase something. And that’s right,  but it’s much more than that. Price is the aggregate of several factors, all of which have the supreme capacity to create a business that fails or a business that soars.

Price has a very big job. Among other things it helps a seller:

  • Make a profit
  • Earn market share
  • Define their value 
  • Create a brand image

Too many businesses spend far too much time changing their prices in hopes of increasing sales. But they’ve got it all wrong. The secret to more conversions does not lie in the price, but rather in the positioning and placement of it and how it’s viewed by your buyers.

By simply understanding a few simple concepts on the psychology of consumer behavior and having a good handle on what your ideal customers are looking for, you can start selling more products with very minimal effort.

 

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You can read the rest in the December 2018 issue of Handmade Seller Magazine. If you happen upon this article far into the future, know that you can still subscribe and find this article and the magazine in the archives. As always, reach out with any questions.