Sell MORE with these Pricing Psychology Strategies
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- Опубліковано 2 чер 2021
- It’s hard to find the right price for our products. It’s one of the biggest challenges for many handmade business owners. And I get it, it’s hard to know how much people will pay for what we make - and a lot of us are hesitant to charge too much for their product as a result.
But did you know that there are actually strategies that can help us determine the best pricing that will even help us sell more? And they’re all based on human psychology! In other words, SCIENCE.
From knowing how to use discounts to increase sales to using psychology to determine customer-friendly price points, we can make sure that our prices are the most attractive to our customers.
In this video, I’ll be diving into some these fun and cool strategies with you.
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Side note, I LOVE the teal hair color 😍😍
Thank you, Mari! I'm having fun with it!
I love psychology especially related to marketing.... I changed my prices to .99 after a discussion with my web developer. It was hard to measure but when I did a virtual market of the American Craft Show, I tried this .99. They ran stats and out of the 250 Artists online the average sales was 900.00 to 1300.00...I grossed $1500.00 as a new vendor and many of the prices ended with .99 Now I think it's time to add a few products priced at 70.99 or 77.99. Perhaps even changed the 34.99 to 37.99 and 54.99 to 57.99, etc. Not to change the subject , I love your teal strands...keep rocking Creative Hive!
Thank you, Margee! I love that you tested this out and saw good results! The way people see and view products based on their pricing is SO interesting.
Great pricing tips. I've really tried to follow Nordstrom's lead when it comes to promotions and only have a sale on my entire store once a year and never more than 20%. I have quarterly flash sales on select overstocked items, but as a customer I've found that when shopping at my favorite stores that have frequent discounts, it's trained me to wait for a sale and not buy at full price.
I've been thinking a lot about this with Michael's and Joann's and how they had 40% off coupons, then 50% became common and then 60% prior to the pandemic. As a result they continued to raise their prices crazy high to compensate, but then the pandemic gave them an opportunity to reset and now they rarely have coupons over 25% off and their sales have soared (but as a result their retail prices now set way too high). I was shocked to realize once when stocking up for my daughter's school project that the same items were cheaper at Walmart without a sale as they were at Michael's with a 40 or 50% coupon. It's a dance for sure.
I like that strategy of only having one big sale a year - that's very smart. Do you see good results from it? And yes, the use of constant coupons and sales really skews our view of pricing, doesn't it??
@@CreativeHiveCo Yes, it's been very successful. I run it the first weekend of November while people still have a lot of money from that month's paycheck and before they are broke or distracted from the Black Friday Sales which has worked great for me. :)
That’s great strategy! I must try next year. For me, Black friday sales never worked. Even when I put 25% off, but the moment the sales period ends, I am getting more sales.
When the product is something that gives the client emotions, for example hand made creations, you should'nt finish your pricing with 99 or 95 or 97. Charmed pricing should rather be used for logical products. When you use a charm price on a product that gives out emotion your brain isnt able to process it. If you do hand made things that are technical such as templates, school planners etc, then finishing with 99, 95 or 97 is great. Thanks for your video.
I feel like there’s something to this… I make macrame and botanical dyed goods and just can’t imagine the aesthetic of putting a change amount on my products - they are whole dollar amounts currently.
That's very interesting, Mandy! I appreciate you sharing that - that's something I think I'm going to do some research into! 😊
I love marketing psychology, so this is a great video! My favorite strategy is using different colors to provoke certain feelings and emotions. Out of the strategies you mentioned, my favorite is making things $0.99 instead of the whole dollar.
Oooo I never thought about the colors - that's very interesting as well.
Thank you for this! Even people who have been selling a while like myself need to be reminded to check in on pricing from time to time. It’s an ever changing market out there.
Yes! It's always good to do a quick review and change things up if need be.
That $.99 strategy does work for most items that are not an emotional buy, for items that are somewhat of an expensive "statement" piece a flat price of say $85 is more appealing to buyers than $84.99 as the .99cents seems to cheapen the items quality.
Thank you for weighing in!
Super glad I found your channel, I’m moving into the wholesale biz and watched your wholesale video loved it thanks ! Keep up the great informative vids!
Awesome!! Thank you so much for watching!
I just love your videos... you break it down so efficiently! 🌹
Thank you so much, Kristy! I really appreciate that!
I'm going to be doing a live workshop here on Wednesday! If you're subscribed, hit the bell to be notified when it starts!
I hate pricing products! Still find it difficult pricing products after running a business for 4 years! It's difficult to price your products when so many other artists are selling similar things but there is a huge variation in pricing. I have to do a lot of research on pricing strategies before I decide on a set price but I generally try and come somewhere in the middle of other artists and that seems to work for me 😊
That definitely follows the price anchoring strategy. But if you're looking for pricing advice, this might help: ua-cam.com/video/H3r9M3QhnNQ/v-deo.html
I love your videos- always so helpful! And I have to digress and mention that I love the blue!
Awww, thank you! That was so fun while it lasted. 😊
Excellent video amen.
Very interesting nuggets of wisdom. I never knew about the left digit western pricing before. I knew that web page design concentrates on left to right and book covers and newspapers using the "Z" layout etc but that left digit thing just blew right by me hmm...
Thanks for sharing,
James, Rescue Kitty😺 & Snowvan!
Glad it was helpful! Thank you so much for watching!
Excellent advice once again. I love all your videos, but this one really stands out. Thank you so much, Mei.
Thank you so much, Donna! I really appreciate that!
@@CreativeHiveCo You're welcome! I'm one of your biggest fans. I refer a lot of people to your channel. Maybe one day I will have the budget for your sale a day training.
Thank you for the referrals, Donna - that means so much to me. And I would love to work with you one day!!
@@CreativeHiveCo You are welcome Mei. It's on my radar.
Great Video! Thank you! 💕
Thank you so much for watching, Amber!
Such an informative and useful video. Thank you so much!!!!
I'm so happy to hear that! Thank you for watching, Swati!
I love these tips… very applicable and I’m sure they will work 🥰
Thank you, Eva! I hope they work for you!
Great info as always! Thank you!
My soaps are priced at $8.00 and they are doing good at that price, but I think they could a lot better. Do you think lowering the price to 7.99, or even $7.50 is a smart move after only a month? Thanks :)
This is super convenient, I think you should! It puts the .99 and also the 7!
I think $7.99 sounds like a magic number. I have a feeling it could really increase business.
You can make pricing changes at any point and test them out. $7.99 could work, and so could $7.97.
Great content as always, Mei! Thanks!
Thanks, Brandon! I appreciate your continued support!
@@CreativeHiveCo You're very welcome!
LOVE your hair!!
Thank you so much Donna!! ❤️❤️
I love your content and I love your hair!
Thank you so much, Christine! I'm definitely having fun with the blue. I'd love for you to subscribe if you haven't yet! 💗
Awesome, makes sense and super helpful. I had priced my tote bag at 25 even. I had priced at 55 and they haven't been selling so I dropped to 35 then 25 to sell out, and advertised as such "sale" selling out of this batch of tote bags so if I make same again, and same design I can get better bulk materials and price better especially if that's the real issue.
But I already changed price recently to 25.. I feel its too late to go back and change again. To like 24.99. Wish I could tho.
I don't think customers are going to complain about a single penny price change in their favor. I think you should try it. It's not something you have to advertise, but it might really help your sales in the end. ❤️
@@Snippets-of-Mendi OK thanks, I will.
I got plenty to more tags on me to make the price changes. 😊
I agree - I don't think making that slight change would even be that noticeable. It's definitely worth a try.
Really useful
Glad you think so! Thank you for watching, Lingdum!
Interesting methods
Thank you for watching, Shonda!
First comment!
Keeping this ready to watch after my study time!
Yay! I hope you found it helpful!
@@CreativeHiveCo yes of course!
If my dollar amount are cents, should I still go for the highest number? Let’s say I sell a digital product for $2.37, should I offer a 15% discount of a $0.36 off? (36 is higher than 15, but it’s a decimal so I’m not sure!)
You should stick with 15% off because the number isn’t actually 36 the number is 0.36 meaning that it’s less than one. It’s much less of an incentive to know that you’re getting less than $.50 off but if you know that you’re getting to 15% off it sounds much more impressive in this case 😊
If you're discounting a product, go for a percent off. It's easier because everyone understands what that means. But $2.37 for a digital download sounds low! Are you making a profit?
I tried it and all sales stopped.i had to go back to original price.
That is really frustrating! How are your prices compared to others in your niche?
So in the same vain, I should price a fine art painting at £1499 rather than £1500? Interesting. I'll try it 👍
For original high-value fine art paintings, you can check how most successful artists price their artworks. Do they use the 99 pricing psychology? You can test it out if you want and see how your audience will respond.
Price low as you get a handful of good reviews slowly bump your prices up
This is definitely an interesting strategy!