Pricing tactics that will definitely increase revenue

Did you know you can add €12,956 in revenue in 1 week without even touching the product itself. How? Use one or even multiple pricing tactics mentioned down below.

It has worked for over 50 companies!

7 tricks that increase your sales with 0 effort:

  1. Anchoring
  2. Safe option
  3. Scarcity
  4. Selling in smaller amounts
  5. Decoys
  6. Reducing the number of characters
  7. Fair pricing

Let’s dive into them.

1. Add a high anchor

Look at the image with two plans below. Both feel expensive, right?

Pricing Tactic - Anchoring Effect

After we added a high €169 anchor, the €49 plan has become a good deal and doesn’t seem expensive anymore.

Pricing Tactic - Anchoring Effect after

Would you like to do a deep dive into the anchoring effect and learn how Booking.com uses it to increase conversion? Check CRO tool – Anchoring Effect for detailed information.

2. Put the best option in the middle

The middle feels safe. When we don’t know which option to pick, we intuitively go for the middle one. Help your customers choosing using social proof. Make sure to not fake the data!

Pricing tactic - Social Proof (middle option)

3. Scarcity

Scarcity helps us in 2 ways:

A) It proves that others are buying from you
B) It adds the fear of missing out (FOMO)

Pricing tactic - Scarcity principle

4. Sell annual subscriptions at monthly prices

When you see high numbers below, you want to take a few days before purchasing. But this is easily fixed:

Pricing tactic - Annual pricing vs monthly

Sell in smaller amounts. It is easier for someone to commit to €45 than to €540. You shouldn’t hide the total price, but leave it for the checkout page. In this case, let the buyer mentally take the deal first.

Pricing tactic - Annual pricing vs monthly after

5. Decoy effect

Did you know you can direct your customers towards the desired plan? As you can see, the middle and the right option have the same price. It’s a no-brainer.

Pricing tactic - Decoy effect

Diving more into the decoy effect you can experiment with moving the decoy price, closer to the option you would like to sell. The makes the decoy effect more real, since offering two options for the same price is weird.

Pricing tactic - Decoy effect pro tip

More information about this subject can be found on CRO tool – Decoy Effect

6. Reduce the number of characters

Humans hate complexity. The more syllables something has, the more resources it takes for your brain to process the number. Even when you don’t read it out loud.

Pricing tactic - Reduce number of characters

Make your prices easy to read:

  • €1.540,00 is annoying
  • €1.540 is better
  • €1540 is best

Make sure to validate if this works for you. This tactic might not work with very high prices.

Pricing tactic - Reduce number of characters after

7. Fair pricing

€100 and €1000 feel like the most made-up prices ever. Add unintuitive numbers at the end of your plans. This will present them as calculated and fair.

Pricing tactic - Fair pricing
Logo Freelance CRO specialist Sander Volbeda

Working remotely from Groningen, the Netherlands. Get in touch and let’s schedule a meeting, no strings attached.

Get in touch
© 2022 Sander Volbeda, All rights reserved
CoC: 53236734 VAT: NL002247968B39