irrational pricing

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Is your product demanded enough by people?

 

Is your product demanded enough by people?
If it’s not in demand enough, you must learn to create scarcity.
Here’s how to create scarcity 👇

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Scarcity bias affects people’s purchasing decisions. Limited-time offers, exclusive promotions, and items in short supply create a sense of scarcity.
This can make a product seem more valuable or desirable.

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Scarcity bias can lead to competitive buying behavior. Individuals may feel a sense of urgency to buy before the item runs out, resulting in impulsive purchasing decisions.

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Marketers use scarcity cognitive bias when designing pricing strategies. Here are some examples:

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Limited time offers: Creating a sense of urgency among consumers to purchase before the offer expires.

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Limited edition products: Creating a sense of exclusivity and rarity.

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Limited quantities: Creating the perception that the product is rare or in high demand.

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How can scarcity be used in pricing strategies on a landing page?
Here are some examples: 👇

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Limited time offer: Offering a discount for a short period. For example, “Get 50% off for the next 24 hours only!”

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Countdown timer: Adding a timer that counts down from 24 hours, signaling that the special pricing offer will expire at the end of the countdown.

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Limited quantity: Offering a limited number of products or services at a discounted price. For example, “Only 50 spots available at this special price!”

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Tiered pricing: Offering different prices based on quantity or time can create a sense of urgency. For example, a special price for the first 100 customers.

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Scarcity cognitive bias is powerful in marketing and pricing strategies.

By creating a sense of rarity, exclusivity, and urgency, businesses can increase the perceived value of their products and services.

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.