Psychological Prices: What We Don’t Know About Them

Neuromarketing experts are clear: prices influence. The decision and purchase process of every consumer . The price, without a doubt, has a direct effect. On the brain of the consumer and on the DW Leads perception that we can have the products or services. That are presented to us. For this reason, there are prices that use these perceptions to generate psychological prices. In this area, the famous psychological prices come into play. Although it is not very clear who was the precursor of this initiative. The psychological pricing strategy is believed to have started in 1975 in chicago with a price war. The psychological pricing strategy, in general terms, consists of using fractional prices so that.

Psychological Prices: Not Only a Matter of Fractions

The products offered are more attractive to the consumer . It is not at all common to use integers since. With them, the consumer perceives that they are spending more and that the product is much more Germany phone number expensive (although, in reality, we are talking about a few cents). For this reason, it is not surprising that we find. A large number of prices ending in 9 or 5. Since the consumer mentally perceives them as less expensive. Although the difference is tiny. On the other hand, fractional prices are more difficult to add up or. Calculate mentally. What causes that the consumer does not judge them in such a precise and concrete way.

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This Explains the Most Used Technique in Sales

If a garment that initially had a price of 15 euros, in sales has a price of 12.95 instead of 13, the consumer perceives that they have subtracted 3 euros instead of 2 and that the downgrade is more impressive. Psychological prices: not only a matter of fractions although it has been more than proven that price splitting is a highly effective strategy in consumer decision-making, it is not the only factor that influences the process. Recent neuromarketing and neuroscience studies show that the location of the price also affects consumer perception. That is, every consumer reacts differently to a price set before the product and a price set after it.

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