Is there a strategy behind the way you price your products?

The obvious strategy is usually something along the lines of balancing the need for profit and the desire to appeal to consumers. Around the holidays, it’s often solely the desire to gain attention, or offer the best deal.

But these aren’t the only pricing strategies out there — not by a long shot. This isn’t to say that you shouldn’t be mindful of margins, or consider your competition. But you should be thinking about the psychology of your shoppers, too, and what beyond the lowest price motivates them to click “buy.”

It’s not always what you’d expect. Sometimes it’s the context around the price. Sometimes it’s even the fact that you’ve presented multiple options!

Let’s have a look at some clever product pricing strategies you can use to increase sales online. But first, we’ll dive a bit deeper into why having the lowest price possible isn’t always the best idea.

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This is a tough subject to cover. There are as many ways to use customer purchase behavior as there are customers and potential customers, and as many customers and potential customers as there are people.

Figuring out buyer behavior in general is a huge task. First, you have to draw a difference between universal buyer behavior and any buyer behaviors that may be unique to your field, or even your site. We’ll talk about both in this article. Next, you need to know how different types of customers buy, so when you begin to research your customer base, break it into manageable segments and start by researching a single demographic.

Most of this stuff isn’t exclusive to this topic, by the way. As you’ve probably noticed, marketing as a whole is entirely based in psychology. The whole process is all about manipulating buyer behavior, and using existing trends in it to your advantage. So knowing this information might just help you in all your marketing efforts from now on.

So, let’s start with the most general form of it: The buying process.

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Color plays a major role in our lives.

Don’t believe me? Think about the last time you were in a physical store that you frequent.

It likely had good aesthetics and a large part of that has to do with the selection of an appealing color scheme. The colors a store chooses should reflect both the products and the emotions the company wants to evoke from its customers. It’s about using human psychology to make a sale.

Is this all sounding a bit confusing? Not to worry. I often find starting with an example to be best.

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