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Mark Wickersham (UK): The Power of Price Psychology The more syllables in a price – the
higher it seems “phonetic simplification”.
In other words, when
we see a price written down – the same as with any number or any word – we read it in our minds. Their study looked at was whether
the number of syllables in a price impacts on our perception of the size of that price. Yes! Absolutely it does!
Even more interestingly, one of the
things they looked at was the use of commas and decimal points. When they
asked people how big a number was, they found that the number 1,599, for example – written exactly like that, with a comma – was seen as higher than if it was written without the comma. Similarly, using decimal points –
1,599.00 – to express zero pence or cents made the number seem higher still. In fact the best result – in the sense that it was seen as the lowest price – was got by omitting the comma altogether and writing: 1599. That’s because if we use commas and
decimal points, we say it in our heads (try it for yourselves) as “one-thousand-five-hundred-and-ninety-nine pounds and zero pence”. While if we take away the decimal points,
we say it as
one-thousand-five-hundred-and-ninety-nine. But if we omit the comma then we tend
to say fifteen-ninety-nine, or fifteen-hundred-and-ninety-nine. And because we’re using less syllables, we see it as being a smaller price. Time to ditch the cents and pence
The key point for our pricing
strategies then is that we can make our prices seem smaller by keeping them simple, by taking out the commas and decimal points, and ditching the pence or cents. (There are some situations
where you might want to include them, but that’s an idea for another day. It’s called verisimilitude.) The change might sound insignificant,
but research shows that price psychology has a huge impact on how much people are willing to spend. The Power of Price Psychology
Check it out NOW! In case you missed this: (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)
Monthly Mentoring
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!
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