How to Use Text for Effective Pricing Strategies
- Category: Blog
Research has proven that the way in which prices are written and conveyed through text can have an effect on how sales perform. Discover more here.
Prices Ending in the Number 9
There is a reason that in physical shops and also on online shops, quite a lot of prices end with the number nine. For example, a product will more likely be sold for €99 as opposed to €100. While the difference in price is a miniscule €1, our minds are hardwired to appreciate the smaller price on the precipice of becoming a bigger price. We see this as a price that we want to avail of now in the fears that the price could easily increase to something bigger. Nine is such a powerful number in this sense that there are instances of it outperforming even smaller prices. Studies have shown that if you are having a sale and state “Was €80 now on sale for €55” or “Was €80 now on sale for €59”; that the €59 price will sell more, even though it is the more expensive alternative to €55.
The Amount of Numbers that Make up Your Price
Even though there is more than one way to write the price to something, the composition of this price can influence those who see it. For example, writing €2499 means that you are using five figures (euro sign, the number two, number four, number nine and number nine). Adding a comma to this to read €2,499 adds another figure to bring this total to six. Adding the cents value of .00 (therefore the price would read €2,499.00) adds a further three figures bringing your total to nine. When we view each of these prices, we are drawn to think that the first price of €2499 is the most appealing to purchase because even though all three prices are exactly the same in monetary value, the one with the least amount of figures seems like the best deal and value.
This point is self-explanatory, but still worth mentioning. A great way to influence the ability for a product or service to sell is by what descriptive and explanatory text that you write about them. What sounds better and more appealing to a buyer for example – “Fresh Homemade Slated Pretzels” or “Fresh and Delicious Homemade Pretzels Sprinkled with Sea Salt”? As you can see from the above paragraphs, by adding a price ending with the number nine and with the minimum amount of figures possible, you can make this a very appealing and effective pricing strategy to those who see it.
Here at Ireland Website Design, our expert digital and online marketers can devise and implement applicable pricing strategies into your online shop and website design. Get in touch with us today to finally be able to reach your online aims and goals.