Numbers are felt as well as calculated.
Direct answer
Psychological pricing uses perception effects: charm prices ending in 9, round numbers for premium goods, price anchoring and bundles. Test them with real customers because effects vary by product and audience.
Common tactics
| Tactic | Example |
|---|---|
| Charm pricing | 19.99 |
| Round pricing | 20 for premium items |
| Bundle pricing | three for the price of two |
| Anchoring | premium plan beside standard |
Tips
- Test, do not assume.
- Be honest.
- Keep it consistent with your brand.
Where Teyro fits
Teyro's How to Price a Product or Service course turns this into short lessons you can play in a few minutes a day. It has 50 lessons, and you can start free.
The bottom line
Use psychology to help customers decide, not to trick them.
