The psychological price: how to fix prices using the brain.

We fix us in the price of everything. We see an interesting product and automatically try to know his price. Achieve that the visualisation of the price was coherent to the feeling that the product has aroused in the customer is part of the work of the neuromarketing. A price that adjust  to our expectation will generate in our brain the feeling of need and pleasure that incentiva the purchase. All have bought something of impulsive way, although we did not need it, to take advantage of the theoretical opportunity.

One of the most important appearances of the marketing is the fixation of prices and for this is convenient to do it in function of the emotional answer and the perception of the customer of coherent way to the type of market, that is to say fix the psychological price of the product. A change of price can do that they increase the sales without that the investment increase.

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Technicians to fix prices: the psychological price.

Two equal products can have prices very different.

• Values of prestige, a too low price can do seem that the product is of lower quality although the company the only that wish was to expand quota of market.
• Hit with the price has to base in the psychological perception that this will have on the buyer.

Prices of prestige.

A same product or service will have a psychological value higher if his price is greater. When we see a price high immediately associate it to better quality of the product and active in our brain the the system of the pleasure by what the feeling perceived will be more positive. Obviously they like us the better things that worse, although the price was deceiving us subjetivamente on this fact. It is what sucede with iPhone, prices very high for a service of provision practically identical in terminals cheaper. The strategy of Apple from his starts centres  in the prestige by what his products always have high prices, for this has concerned  that his image of mark  adecue to the feeling of prestige and pleasure that supposes to have one of his products. Although afterwards they do the same that other cheaper telephones. In fact, the big majority of the people that buy his products do not need neither use all the potentiality of the product that are paying.

Odd prices.

The number impar is perceived by the brain as out of the normal, does not consider  a round number by what calls more the attention that the pairs. By this fact, a number impar is more suitable to associate it to opportunities, discounts and to launchings of new products.

It is of all known the prices finished in ’99’ (€1,99; €2,99). This type of price is perceived of way more primary giving him more importance to the first digit of the number that to the rest, by what the feeling will be that we pay “less”. The problem of this type of prices is that they have  masificado and can associate  to products of less quality or low cost by what a solution to the problem is to change the last 9 by a 5. That is to say, ‘€1,95’, that has the same function that the figures impares but with lower impact on the low quality perception of the product.

Pair Prices.

On the contrary that the impares, the prices stop give greater consistency to the product and associate  to greater accuracy by what transmit more security to the customer. It recommends  use a strategy of numbers stop for products of shopping premeditadas where the customer has been able to review the prices of the competition. The price pair will represent greater rigour, solidity and harmony of the product.

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Prices of market.

To the hour to change the price of a product it is necessary to take into account if this price is known by the majority of the consumers, for example the price of a coffee. In these cases, a rise of the price will not have effect of prestige or greater quality. However a descent of the same himself will act with the contrary effect and perceiving as worse quality.

In the example of the coffee, Starbucks to be able to put high prices to his coffees has had to make an image of brutal mark so that drink one of his coffees value  of prestigious form associated to his image (local in the best places of the world, corporate image very taken care, etc…). The effect in a café that do not have this image of mark will be all the contrary on the customer, as well as sucede when we buy a coffee of machine cheaper that already at first, without before test it, already have the feeling that it will be of worse quality when costing much less that one in a café.

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Prices by value perceived.

It is not the same the monetary value of a product that as it perceives it the consumer. That is to say, if our product creates a high need and profit for the consumer and this values it very positively fix a very low price although our cost of production was it can have the contrary effect and throw for backwards the purchase because of the big difference between the perceived and the real price which can denote lower quality, although like this it was not it.

If the consumer perceives that the product has to be expensive and sell it too cheap could fall in an error of cognitive dissonance. By this reason, has to study  the perception of the consumer to fix a greater price that still give us more margin of profit. The same effect can suceder on the contrary.

Conjoint prices.

Another good strategy is to offer packs of products under the same price, whose value separately is, to eyes of the viewer, higher. In this strategy has to take care the price of anchor of each one of the products separately, as we explain to continuation.

Anchorage of prices.

This strategy does reference to the act that make the consumers when recopilan information on a determinate product before buying it and establish a price “anchors” by which are had to pay. From here, the products with similar and lower functionalities price will activate a positive perception of the product to his purchase.

This sucede a lot to the hour to buy by Internet, since we have of big quantity of information to compare. For example, when we want to buy a mobile telephone with some determinate characteristic put him a maximum price and from here all the terminal that have these same characteristics to an inferior price will be seen of way more positive. Therefore it also is important detail the products chord to these demands more solicitadas to be able to adjust the price.

An example of anchorage of prices would be to offer a product with the price anchors of his range of products and to continuation put a new price recessed so that it was perceived even more like an opportunity. Although really the price anchors only acts like bait.

In the on-line trade, has to consider  the costs of sending inside the price anchors. Big part of the shopping do not make  due to the fact that added the costs of sending surpass the price anchors and the purchase does not make  by not being inside the expectations. The consumer has already assumed the price to pay and finds  with an increase of the same, by this reason is recommended to fix the final price with the included costs.