irrational pricing

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Are potential customers hesitant to try your product for the first time?

 

Are potential customers hesitant to try your product for the first time?
You need to provide incentives to act potential customers.
Here’s how to create incentives👇

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Your potential customers may be hesitant to try your product.
You can’t know why a user leaves your website.
But you need to encourage them to get started.

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The incentives cognitive bias refers to our tendency to make decisions or take actions based on the potential rewards or punishments associated with those choices, rather than considering the objective merits of the decision itself.

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Potential customers may be more likely to make a purchase if they perceive a reward or benefit associated with it, such as a discount, cashback, or free gift.

5/ How do marketers, founders or product owners use the incentives cognitive bias when designing price, pricing, packaging strategies?
Here’s ideas

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Free Gifts and Samples: Offering free gifts or samples to potential customers can incentivize them to try a product, and potentially make a purchase.

Potential customers may perceive the gift or sample as a reward or benefit, and feel more positive about the product.

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Loyalty Programs: Loyalty programs can incentivize potential customers to continue purchasing from a company by offering rewards or points that can be redeemed for discounts or gifts.

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Discounts and Sales: Marketers often offer discounts or sales to encourage potential customers to make a purchase.

Potential customers are more likely to buy a product if they perceive a discount or sale as a reward or benefit, even if the actual price is not significantly lower.

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How to use the incentives in the pricing section of a landing page?

* Offer a free trial
* Include a bonus or gift
* Provide a money-back guarantee

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Offer a free trial: Offering a free trial period can incentivize customers to try your product or service without the commitment of a full purchase.

For example, “Try our product free for 30 days.”

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Include a bonus or gift: Offering a bonus or gift with a purchase can incentivize customers to buy.

For example, “Get a free ebook with your purchase,” or “Receive a free gift with every order.”

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Provide a money-back guarantee: Offering a money-back guarantee can remove the risk for customers and incentivize them to make a purchase.

For example, “100% satisfaction guarantee or your money back.”

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Example pricing packages with incentives cognitive bias

Pricing Package:

–  Price: $49/month
–  Incentives: Sign up for an annual subscription and save $100. Also includes a 30-day money-back guarantee.

You're leaving money on the table

I publish a few case studies every month. I choose a product/service in each case study. I explain how they will increase their revenues with their pricing strategies.

 

Learn to increase your revenue by designing your pricing with behavioral psychology.

It’s free.