Updated: Nov 12, 2019
Hello everyone! This is email #2 of a special e-mail (and video, if you prefer this on Facebook or LinkedIn. Coming soon!) series, called 12 Tips for Christmas, Marketing Edition.
These tips can be applied to your businesses, especially this Christmas Shopping Season. I go to TIP#2: END PRIZES IN 99.
TIP #2: END YOUR PRICES IN 99.
Marketing involves studying consumers' buying behavior, and one of the most valuable things I learned is psychological pricing.
Psychological pricing is ending your prices in 99, 5 or even 7. Prices such as 199, 299, or 195 seemingly looks more affordable than 200 or 300. In retail shopping, prices that end in 00 seemingly looks more expensive.
Why? Because we read from left to right, the first number in the price is the first thing that registers in our brain, thus the next numbers can sometimes be disregarded. So 199 still looks like 100, and still looks cheaper than 200. So is a 195 or a 299.
So when you do your Christmas sale, consider doing an All 99 or 199 (instead of 100 or 200).
These prices will even encourage bulk purchases for gift shopping.
Tip #3 in the next blog!
PS: If you think you need one-on-one marketing mentoring session to prepare you for the Christmas rush, let me know! I'll be accepting a few. Email me at email@example.com (or just reply to this email).