Search

4 Ways to Make Prices Seem Lower Than They Are

Entrepeneur 12 Oct 2019 01:05
4 Ways to Make Prices Seem Lower Than They Are
Image credit: sigridgombert | Getty Images

As a marketer, I love testing things to see what will increase sales. The headlines, the copy, the imagery. But when it comes to a product’s pricing page, I use the same strategy as when I’m driving a car: If nobody is screaming at me, it’s probably all fine.  But that’s a mistake. A common reason people don’t buy things is the price. So what if you could use psychology to change how people perceive it?

Luckily, marketing expert Nick Kolenda is obsessive about psychology and has been researching just that. He’s written books on persuasion and the psychology of marketing. His latest title, The Tangled Mind, explores how humans learn and how marketers can use that knowledge for persuasion.

“The first thing you need to know,” he explained to me in a recent interview, “is that humans learn by association. Every concept that you understand, you’ve built on top of an earlier concept.” 

Kolenda elaborated that we humans learn concepts about how to interact with physical objects when we’re children, but then apply them, falsely, to buying things online. And when marketers know them, they can affect your perception of price. Here, along with Kolenda's insights, are four such concepts. 

Continue reading original article...

Tags

Nick KolendaProximity AssociationOhio State UniversityKolendanbspUniversity of Miami