Post by prantogomes141 on Feb 14, 2024 6:43:29 GMT
We’re all familiar with the tactic of setting a price at $9.99 instead of $10.00. As the lore goes, retail entrepreneur James Cash Penney – yes, that J.C. Penney – was among the first to notice in the early 1900s that goods with a price point ending in 9 sold better than other numbers. Today, psychologists call it the “left-digit effect,” where the left-most digit on a product’s price tag disproportionately affects consumer perception of value. A product priced at $2.99 rather than $3.00 is unconsciously perceived as being closer to $2 rather than almost $3. Furthermore.
In the age of online shopping, beating your competitor by even a single cent can rank your product higher in search results. Did You Know? According to one MIT/University of Chicago study shared online by Springer Link, sales of a dress priced at $39 actually outperformed Bosnia and Herzegovina Telemarketing Data the same dress priced at $34. Learn more about the game of pricing and the role played by the number 9. But here’s the caveat: If your business sells premium or luxury goods, it’s better to end your price tag with an even number. Consumers perceive even numbers as signifying greater brand quality and trust, while odd numbers are more associated with value and a good bargain. 3. Upsell and cross-sell your products.
So you’re regularly making sales? Great. But you’re probably missing out on opportunities to generate even more revenue. Upselling is a technique where a business entices customers to purchase upgrades or a more expensive product, such as a premium audio system for a new car. With cross-selling, the business attempts to sell related products that complement the original purchase (“Would you like fries with that?”) The key is to frame your upsell and cross-sell as a value proposition. The reward center of the brain lights up when we think we’re getting a good deal, and consumers will often shell out more money if it means snagging a bargain.
In the age of online shopping, beating your competitor by even a single cent can rank your product higher in search results. Did You Know? According to one MIT/University of Chicago study shared online by Springer Link, sales of a dress priced at $39 actually outperformed Bosnia and Herzegovina Telemarketing Data the same dress priced at $34. Learn more about the game of pricing and the role played by the number 9. But here’s the caveat: If your business sells premium or luxury goods, it’s better to end your price tag with an even number. Consumers perceive even numbers as signifying greater brand quality and trust, while odd numbers are more associated with value and a good bargain. 3. Upsell and cross-sell your products.
So you’re regularly making sales? Great. But you’re probably missing out on opportunities to generate even more revenue. Upselling is a technique where a business entices customers to purchase upgrades or a more expensive product, such as a premium audio system for a new car. With cross-selling, the business attempts to sell related products that complement the original purchase (“Would you like fries with that?”) The key is to frame your upsell and cross-sell as a value proposition. The reward center of the brain lights up when we think we’re getting a good deal, and consumers will often shell out more money if it means snagging a bargain.