The application of psychological pricing in business is synonymous with tactics and techniques in businesses. This is somewhat like brainstorming with the customers. They will be busy deciding what to do the moment they enter your business center and see how the prices are displayed. Psychological pricing strategies play on the psychology of consumers by slightly altering price, product placement, or product packaging. I experienced on myself when I did shopping one time. The prices were altered. The price after 10 minutes was changed to buy 1 take 1, so I bought again. And then the next day, it was not anymore buy 1 take 1 but buy 2 take 5 and the price of this was changed from $ 2 to $3 so I bought it again. This is indeed a very good pricing strategy, it's psychological.
Application of psychological pricing in business
- Thread starter Starmix
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- #3
Very well said my friend, yes it is very true that a business owner must always have psychological strategies to capture the hearts and minds of the customers. They will be loyal to the business they like.
Every customer wants to be treated right, anything you do that will make them happy and they will think they are cheating you they will fall in quickly. But be careful it should not make you run out of business
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- #5
A business pricing strategy creates a good reputation for your business name and people will be inspired to visit your center every day and invite friends to go with them ad experienced the trends employed in the business.
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- #7
That is the effect of psychological pricing buyers do not have any idea that they are buying the same quantities. It is the smartest idea of a business operator to have volume sales. I like to explore a tactic like ths.
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- #10
It's psychological. Buyers are mesmerised by the strategy. They are excited and never care about the psychological pricing of the business. Theirs is excitement. The same way I felt when I shopped and saw this tactic of pricing. I was fantasised.
this requires constant study and many business owners definitely have people qualified with such degrees to make sure that good marketing tactics can be applied to make them a decent income from the sales and growth is attained .
I always tend to take asking prices slightly upwards so that they would negotiate down to my optimum prices.
