Psychological pricing is a strategy used in marketing that seeks to increase the number of sales through the perception that the customer has about the prices of the products or services that companies offer.
Play with variations of Prices or with promotions they allow companies to obtain more benefits than applying traditional pricing policies. This is justified in pricing strategies through marketing strategies. However, it also depends on the audience and the objectives that these strategies are or are not effective.
What types of psychological pricing strategies are there?
We highlight the following strategies:
- Round price. This type of price is often used to impulse purchases or whim. They are products or services that are more associated with an emotion than a need.
- Usual price. It is usually used for products in which the buyer already identifies it with a certain regular price, so variations in it could not be accepted.
- Relative price. The price of a product is used compared to other products with a higher price, usually. In this way, the user can decide and realize the savings that this product represents and access their purchase.
- Odd price. It is a strategy in which the prices of the products are set by placing an odd number, assuming a minimum savings for the customer but that, psychologically, it seems that the savings are greater. For example: placing the price of € 19 instead of € 99 only costs us one cent, although the price that the customer receives is lower than it really is.