What a Steal!
How to make a pricey item look like a bargain.
Whether a customer interprets a product as being cheap or expensive is merely a reflection of how valuable it is to them. It`s a question of perception, and perceptions can be changed.
If consumers think your product is too expensive, you may not be giving them enough cause to justify the price. A little bit of information can go a long way in increasing a product`s perceived value.
Here are some simple things you can do to increase your product`s value.
The comparison - Put the product you want to sell next to a similar product that is much more expensive. Most customers won't go for the most expensive model but they also won't buy the least expensive one either. What they thought was expensive is now quite reasonable compared to the one next to it that is almost twice the cost! The same can be done by putting the featured product next to a similar yet less attractive model. The customer will be persuaded toward the "better looking and assumingly better performing" product.
Bits & bites - Breaking down the price into a monthly or daily amount can be easier to accept than the full price. Online services often do this to decrease sticker shock.
Adobe provides their customers with multiple pricing options to suit your needs but notice how they add a little yellow "Most Popular" tag on the second highest price point?
Explain the process and show them the guts - Explaining the work that went into making the product can definitely help justify the cost of a product. Also, giving the customer a view of the inner workings can be quite impressive. One company that is very successful at this is Dyson, the vacuum cleaner company.Explain the process and show them the guts - Explaining the work that went into making the product can definitely help justify the cost of a product. Also, giving the customer a view of the inner workings can be quite impressive. One company that is very successful at this is Dyson, the vacuum cleaner company.
It looks like quality, therefore it must be quality - Take two bottles of the same wine, put a different label on each, one being cheap looking and the other one fancy, and your mind will likely decide that the wine inside the bottle with the fancy label will taste better. See this for yourself in a video we've showed you before here.
Visual appeal works well for first impressions. Product photography is also quite effective at increasing customer confidence in a product and helps persuade them into buying. Bottom line... appearances matter when you are trying to increase a product's perceived value and price point.
Premiere Moisson pastries can seem quite expensive at first but if they taste half as good as they look.... "salivating"
What can you do to make your product seem like a steal?
Morty Silber, CEO
Mad Strategies Inc.
a Wizard of Ads Partner