Rodrigo Buenfil’s Post

𝐄𝐯𝐞𝐫 𝐖𝐨𝐧𝐝𝐞𝐫𝐞𝐝 𝐖𝐡𝐲 𝐒𝐨 𝐌𝐚𝐧𝐲 𝐏𝐫𝐢𝐜𝐞𝐬 𝐄𝐧𝐝 𝐢𝐧 𝟗𝟗 𝐂𝐞𝐧𝐭𝐬? 𝐓𝐡𝐞𝐫𝐞'𝐬 𝐚 𝐒𝐧𝐞𝐚𝐤𝐲 𝐓𝐫𝐢𝐜𝐤 𝐢𝐧 𝐏𝐥𝐚𝐲… We've all seen them - those prices that just seem a hair lower than a round number. That tempting $19.99 instead of a plain $20. But it's not a random quirk! There's a bit of sly psychology at work here, and marketers are counting on it to push you towards that "buy" button. Did you know a secret that our brains tend to focus on the leftmost digit first? So, that shiny $19 catches your eye, making the whole price feel significantly lower than $20, even though it's practically the same. It's a pricing tactic called "charm pricing," and it's surprisingly effective. 𝐈 𝐡𝐚𝐯𝐞 𝐚 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧, If you're deciding between a $4.99 coffee and a $5 one, which one sounds like the better deal?  Exactly!  This pricing strategy creates the perception of a bargain, making customers feel like they're saving money, even when the difference is minimal. So, the next time you see a price ending in 99 cents, remember, it's not a coincidence. Marketers are playing a little game with your mind. 𝐁𝐮𝐭 𝐡𝐞𝐲, 𝐭𝐡𝐚𝐭 𝐝𝐨𝐞𝐬𝐧'𝐭 𝐦𝐞𝐚𝐧 𝐲𝐨𝐮 𝐜𝐚𝐧'𝐭 𝐩𝐥𝐚𝐲 𝐭𝐡𝐞 𝐠𝐚𝐦𝐞 𝐛𝐚𝐜𝐤! Be aware of this trick and use it to your advantage. Do some quick mental math to see if the "saving" is really worth it. 📌P.S. What's the most tempting price you've ever seen that ended in 99 cents? Share your thoughts in the comments below!  Let's discuss if it actually convinced you to buy something. 𝐇𝐚𝐩𝐩𝐲 𝐒𝐞𝐥𝐥𝐢𝐧𝐠 (𝐨𝐫 𝐒𝐚𝐯𝐢𝐧𝐠)! #psychology #marketing #marketingtechniques #sales #marketingmanagement #socialmedia

Unveiling the '99 Effect': Your Pricing Psychology Guide! Pricing isn't just numbers; it's the psychology driving them. Enter the "99 effect"—a game-changing strategy shaping how consumers decide. 🤔 Understanding the '99 Effect' Ever wondered why prices end in .99? It's not random—it's strategy. The '99 effect' plays on our psychology, focusing on that leftmost digit. $4.99 seems cheaper than $5.00, although it's a cent's difference. Sneaky, right? 🔍 Delving Deeper: The Psychology This is part of 'charm pricing,' making odd-ending prices more trustworthy. The '99 effect' cleverly blends the left-digit focus with the charm of odd numbers. They feel lower and stickier in consumers' minds. 🧠 The Perception Game It's all about how we perceive value. $9.99 feels a steal compared to $10.00—thanks to that left-digit effect. 💡 Impact on Decisions Perceived savings drive buying decisions. The '99 effect' creates a sense of a bargain, especially in price-sensitive markets. Use the '99 effect' to supercharge your sales. Start you marketing with Byte and watch your business soar. Contact us today: https://lnkd.in/g99aeRdd #PricingPsychology #99Effect #BusinessStrategy #ConsumerBehavior #UnlockPotential #ByteInsights #ElevateYourBusiness #TorontoBusiness #SmallBusinessSuccess

Having too many choices often leads to fewer sales. Why? Your customer craves optionality, but their brain gets overloaded. Overload leads to overwhelm, which leads to opting out. Even if opting out hurts their interests. Here's how to prevent it: https://lnkd.in/e3nMwkkm

Imagine I offer you three choices, and you select the exact one I have in mind. This is known as the decoy effect. Why does it matter? Marketers and product designers use this tactic to nudge you towards more profitable options. Consider this scenario: You're in a movie theatre in India and you see: - Small popcorn: ₹200 - Large popcorn: ₹400 Typically, you'd go for the small. But if they introduce: - Medium popcorn: ₹350 All of a sudden, the large popcorn appears to be the better value! That's the decoy effect subtly influencing you to choose the pricier option. This cognitive bias is significant for pricing strategies. With this knowledge, companies can develop more effective pricing methods, and consumers can make better-informed decisions. So, the next time you're out shopping, watch for the decoy! It's intriguing to see how psychology and economics influence our everyday choices. Ever been tempted by the medium popcorn option? 🍿

Sure, you know how to recognize pain, but do you know what emotions drive decisions? Here are the 4 emotional states that drive change. 1. Resolve—if you ask a mother with a newborn if the baby will ever walk, the mother, without a doubt, would say, "Of course! So, if a #founder is truly hell-bent on making a move or finding a new solution, you know they are at the "resolve emotional stage." 2. Desire—Something you're craving but could almost do without. If enhancing customer experience by reducing shipping times is their "dessert," you can help them move through their process with urgency if you can provide a solution that allows them to get their cake and eat it, too! 3. Determination—is an emotional state that will drive someone. Think Michael Jordan getting cut from his high school team and determining there is no way he'll get cut again. The emotional state of "one way or another." A founder experiencing this might not sign on the dotted line right away, but with good follow-up, they could be at the point of making a change. 4. Disgust—This is the most powerful one. Think of disgust like a bad meal at a restaurant. Have you ever been somewhere and just wanted to walk out? Another example would be when someone is overweight, looks at themselves in the mirror, and decides that day that they are not happy with what they see. A founder might be fed up with your current provider’s errors and lack of transparency. They might already be at the tipping point of the emotional disgust stage; if you can communicate high-accuracy SLAs and share what billing would look like. Understanding these emotional states will save you and the buyers time and level up your sales process. Lastly, here's a picture of the ONE day of spring we get here in Fort Lauderdale. This is the park where my mind runs, and I come up with my post! #Sales #3pl #Salesprocess #psychology #richhitsgoals #freegame

Are you one of those people who think paying £19.99 instead of £20 is a better value? You're not alone! Odd numbers prices are perceived as more affordable than even numbers prices. Discover 6 more pricing psychology principles on us *wink*

Pricing isn't just about numbers—it's a powerful psychological tool shaping consumer decisions. Businesses can leverage strategies like the Anchoring Effect, associating higher prices with quality, and creating urgency to drive sales. Learn how understanding these psychological triggers can optimize revenue and build customer loyalty. 💼💡 #PricingStrategy #ConsumerBehavior #BusinessSuccess

Ever wondered how businesses use psychology to determine their pricing strategies? Let's look into the fascinating world of the psychology of pricing. Pricing strategies often involve understanding consumer behavior and decision-making processes. By utilizing psychological tactics, businesses can influence how customers perceive the value of their products or services. For example, using the "anchoring effect" by displaying a higher-priced option first can make other options seem more affordable. Another common strategy is the use of "charm pricing," where prices are set just below a round number to make them appear more appealing. Additionally, scarcity tactics like limited-time offers or low stock alerts can create a sense of urgency and drive sales. Understanding the psychological principles behind pricing strategies can help businesses optimize their pricing to maximize profits. So next time you set a price for your product or service remember to optimize the power of psychology in your pricing strategies #PricingStrategies #PsychologyInBusiness #ConsumerBehavior #BusinessStrategies

Price is one of the most important factors affecting consumer purchase decisions, yet you aren't fully utilizing psychological pricing tactics when determining and marketing your price points. Research shows that pricing decisions have as much to do with psychology as they do with economics. By understanding psychological responses to pricing, you can drive higher sales and conversions in your marketing and sales funnel. Some key psychological principles impact how consumers perceive prices: 1.) Anchoring Effect: Consumers tend to anchor to the first price they see, and compare other prices to that number. Setting an initial high price can make later discounts seem more appealing. 2.) Price Endings: Odd-numbered prices like $9.99 are perceived as significantly cheaper than rounded numbers like $10. This useful illusion works even when the price difference is small. 3.) The Pain of Paying: People tend to spend less when paying cash over cards due to the literal “pain” of relinquishing bills. Payment methods alter the psychology behind parting with money. 4.) Decoy Pricing: Adding a third “decoy” price option influences our perceived value of other options. People gravitate more towards a target mid-tier option when a decoy is present. Leveraging these psychological concepts will allow your business to drive conversions, upsells and cross-sells, and sales through pricing optimization. Testing different price points and presentations is key. The difference between two psychologically set prices could mark the difference between failure and success. Understand the consumer mindset and let it inform your pricing strategy. #pricingstrategy #pricingstrategies #pricingoptimization #marketingpsychology

There's no shortage of great answers from a client, but nearly always a shortage of great questions from the seller. You see, questions like: - "What brought you here today?" - "How can I help you?" - "What do you want?" They're simply not good questions because they don't: - Get your client to think on a deeper level - Challenge the client on their status quo - Help the client to have any kind of breakthroughs Always remember, a client will buy not because you have a shiny new product or you are super likeable, they'll buy because a number of shifts have occurred within their mind, for example: - They learn something new about themselves they didn't already know - They become aware of the actual problem they've been struggling with, instead of being stuck with symptoms - They make a shift in their thinking when it comes to a certain belief Now don't get me wrong, there's a huge amount of psychology which needs to happen during a consultation/meeting for some or all of this to occur, but there's no faster and more effective way than asking great questions or.... Questions that help your client to think in a new and better way about an old problem. Not to mention, questions which relate to the clients ultimate goal they wish to achieve. Where it gets super interesting though, is when we learn to ask questions which help the client to define their ultimate goal, because did you know one of the biggest reason why clients struggle is because they almost never know their goal, they only know how they want to feel (more on this another time). This is why having amazing product knowledge and great customer service seldom inspires and empowers your client to buy, which is why so many 'experts' struggle to sell their expertise today. It's also why those who are willing to challenge their client and be direct in the questions they ask, are almost always the highest rewarded in their respective industry. What's the best question that's stopped you in your tracks and made you think differently.... Before giving an answer?