Internet Marketing – Left digit management in your pricing -2

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June 11, 2018

Mark Wickersham (UK)
Why the first number in your price is
the most essential
Say in this instance the
price is £400 (or $400).
Test it at
£399 (or $399) and again – although
it’s only a pound or a dollar
difference the perception is an even
greater difference than the previous
example and therefore more clients are
likely to convert.

Why?

Because of the way we read prices.

In 2005 Thomas and Morwitz published a
related study in The Journal of
Consumer Research. Penny Wise and Pound
Foolish, the Left-Digit Effect in Price
Cognition, showed that because we read
from left to right we put the most
emphasis on the first digit.

So back to the example of 390 and 389.
They both start with a 3 so whilst more
convert on the lower number we only
have the power of 9 coming into play.

Take 400 and 399 however and suddenly
the difference seems far greater.

It’s still just one dollar or one pound
but suddenly we have one price starting
with a 4 and one with a 3. And that
seems so much lower than before.

It’s powerful stuff. Try it when you
create your prices and see what
happens.

In my training program I take you
through more than 25 different
techniques that you can use to ensure
your price seem fairer and get more
people saying yes.

​​​​​​​The Power of Price Psychology

(More of Mark!)
Better pricing = higher profits 
If you have a service business, you can
earn much more from this series.
Also, Mark runs a programme called
Price Consulting, and he teaches
accountants/bookkeepers how to help
their customers with their pricing. 
Thank you for the positive response to
posts on this topic and the action taken.
Please tell your friends!
Those links again:
Effective Pricing for Accountants (book)
The complete guide to menu pricing – NEW!
(video training programme)
How to build a successful bookkeeping
business (book)
How to build a successful bookkeeping
business (video training programme)
The Value Pricing System
Grab them NOW and claim the true income
that you earn!
Price accounting and consulting
services more profitably!
Silvia at IFRSbox.
If you are in finance and not on her
FREE list (WHY NOT?):

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