Whether you’re selling a house or a hamster, pricing matters. What follows are five key considerations to keep in mind so that you can leverage your pricing strategy to maximize sales.
Consideration 1: Say the price
Confusion kills a sale. This applies as much to the marketing copy for your product or service as it does to your pricing. If you’re communicating verbally, the fewer syllables the better. In other words, the shorter your price, the more likely your customer will understand what you tell them. i.e. ‘fifteen hundred’ is a better way to convey price than ‘one thousand, five hundred.’(1)
If you have pricing on a website or in a written contract, you may or may not want to include commas and cents depending on how you want the price to be perceived by your customers (see below for more on why). Omit commas (eg $1500) if you would like the price to appear smaller. Add them in, along with cents, if you would like to convey a high price (eg $1,499.97). (2)
Consideration 2: Pattern Recognition in Nines & Conversion Rates
Check out this table…