• EP235: 15 Minute Ecommerce Masterclass - 10 Pricing Strategies You Can Test

  • May 16 2024
  • Length: 15 mins
  • Podcast
EP235: 15 Minute Ecommerce Masterclass - 10 Pricing Strategies You Can Test By cover art

EP235: 15 Minute Ecommerce Masterclass - 10 Pricing Strategies You Can Test

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  • Summary

  • There is da Vinci quote used in Nick Kolenda’s book on pricing psychology that sums up what I’m talking about in this video masterclass: “All our knowledge has its origin in our perceptions” Pricing is perception. How we each react to the same price can be different, depending on our perspectives. For this reason, price doesn’t have an absolute meaning. And if we understand what shapes perception, we can influence how price is perceived. This video explores ten practical ways this applies to ecommerce stores. [01:10] Your building blocks for understanding price [02:40] 1. Price fluency [03:45] 2. Price structure and simplicity [03:45] 3. Anchor high prices with larger numbers [06:30] 4. Break pricing into smaller units [07:15] 5. Use words of a small magnitude [08:25] 6. Alliteration creates a pleasant sensation [09:20] 7. Put the larger WAS price on the left [10:25] 8. Break down product costs [11:50] 9. Encourage customers to spend early [13:10] 10. Emphasise the most popular pricing option
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Economics
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