irrational pricing

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Potential customers love your product but don't take action to buy it? Trigger them to act.Here's how to create urgency in pricing

 

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Most of your potential customers won’t buy your product right away, even if they like it. We need to trigger a potential customer whose desire for your product has increased to make them buy it. If they delay, their desires and emotions will decrease.

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You need to create a sense of urgency to trigger them. People’s purchasing decisions can be significantly affected by the cognitive bias of urgency. This bias can create a feeling that they need to purchase a product immediately, even if it’s not really necessary.

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So, how can marketers, founders, or product owners use urgency cognitive bias when designing pricing strategies? One way is by using urgent calls to action, like “Buy now” or “Limited time offer – act fast.”

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Another way to use urgency cognitive bias is by offering a limited-time discount or promotion. For example, offering a 10% discount for the next 24 hours only.

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Messaging that emphasizes scarcity can also create a sense of urgency. For example, “Only X left at this price!” or “This offer ends in 24 hours!”

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To visually reinforce the sense of urgency and create a sense of FOMO, marketers can use a countdown timer on their landing page. For example, a timer showing how much time is left until the limited-time offer expires.

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Now, let’s put it all together with an example of a digital product pricing package using urgency cognitive bias.
For example:
Premium Subscription Price: $29/month
Urgent call to action: Claim your discount now!

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By using urgency cognitive bias in your marketing strategies, you can create a sense of urgency that encourages potential customers to take immediate action and buy your product or service.

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TL;DR:

–  Potential customers may like your product but delay buying it.
–  Creating a sense of urgency can trigger action.
–  Urgent calls to action, limited-time offers, scarcity messaging, and countdown timers can create urgency and increase purchases.

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.

 

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