Am I using pricing psychology in my favor?

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Here’s my product page: https://empiricalwater.com/products/truth-serum

Does my product’s pricing info align with pricing psychology? Just want to make sure I’m not driving customers away with the wrong pricing model. Thank you

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Hi @empiricalarby ,

I checked out your product page for the Truth Serum. It’s great that you’re considering pricing psychology in your strategy. Your current approach, highlighting the price per cup, is a great way to present value to customers.

One suggestion I have is to adjust the quantity representation. Instead of stating the product “makes 5 gallons,” consider phrasing it as “makes 80 cups.” This could be more impactful as it directly relates to how customers will likely use and think about drinks – in terms of cups rather than gallons. Phrasing it this way might make the quantity seem larger and more appealing, enhancing the perceived value.

Remember, it’s crucial to test any changes you make to see how they affect conversions. If you decide to make a change like this, monitor your sales and customer feedback after implementing it, to ensure it positively impacts your sales. Keep up the good work with your thoughtful approach to pricing!

Lee

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Thanks for the insights. Could you take another look?

Product page for reference: https://empiricalwater.com/products/truth-serum

Thank you

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Hi @empiricalarby ,

That’s fantastic. Buyers will imagine all the cups of tea and coffee they can brew with each order. It’s great psychology.

One small change: “Brew 075 cups” should be “Brew 75 cups”.

Remember to monitor your conversion rates after any changes like this to make sure it has the desired results!

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Thanks, I will try some split testing soon. Do you think I should remove the .00 decimals from my one-time purchase pricing? Cheers

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Hi @empiricalarby

I took a look at your website, and I love the way you highlight the “buy more, save more” psychology to upsell your shoppers.

I think your product pricing is fine. But here are some other psychology pricing tactics you might love to try:

  1. Charm pricing: Reduce the left digit by one cent to give the impression of a lower price. For instance, price your sample item at $7.99 instead of $8.00.
  2. Price anchoring: You could display a higher “original” price next to your sale price. This makes your customers feel they’re getting a deal.

Here’s an insightful blog post on pricing strategy you may find helpful: https://trueprofit.io/blog/pricing-strategies-ecommerce-p1/

I hope that this helps!

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Hmmm, I adopted whole number prices as a result of reading posts like this one. I think my product’s sales will be driven by emotion, and the article mentioned using whole number prices for that. What do you think, does my website use emotion well enough to use whole number prices?