However, Psychological pricing is a powerful marketing technique used to attract the attention of consumers. Generate a sense of financial compensation and, therefore. Encourage commercial operations. What are by positioning the business as a relevant option to the needs of the public. Indeed, determining the price of a product or service is a task that demands a lot of attention. Since it involves the analysis of factors such as competition, the differentials of the solution being marketed and the profile of the target audience . However, It is important to highlight that pricing, that is, the assignment of prices based on hard data and reliable arguments. In other words, Is a key process for the success of a venture. Because if prospects or clients are not satisfied with the prices of the business. They tend to to resolve their claims by resorting to competition.
What are psychological prices
Therefore, Prices classified as psychological try to awaken emotions and create a strong connection between a brand and its audience . We can say that they company data impact the consumer by making them feel comfortable buying a product or service, since they consider that they are taking advantage of a “unique opportunity.” The main objective of price psychology is to make people fall in love with you and encourage the purchasing decision process . As a consequence, the business increases its sales volume and income. Therefore, To implement psychological prices, it is necessary to minimally reduce the value of the products or increase it and then decrease it as a “promotion”.
Why do psychological prices work
In other words, Implementing a psychological pricing strategy makes your. Business gain points among the target audience not only because it awakens certain emotions , but because it encourages Phone Lead the idea of obtaining an advantage compared to the other available options. In Conclusion, but because it encourages the idea of. obtaining an advantage compared to the other available options.