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6 Pricing Hacks To Land Hesitant Clients.
Cracking the Code with Price Hacks
Wouldn't it be fantastic if we could wield some mystical mind control over our clients, persuading them to embrace our prices without a second thought? While telepathy might be off the table, fear not – some crafty strategies can work wonders. In episode 331 of Resourceful Designer, I spill the beans on six pricing hacks that might tip the scales in your favour. Be sure to listen to the episode for the whole story.
Hack #1: Commas, Begone!
Let's start with a neat little trick: ditching commas in large prices. Why, you ask? Well, it's a two-fold magic. First, it visually shrinks the numbers by eliminating a character. Second, the numbers blend seamlessly without the comma, making them appear smaller. $1,499 reads as one thousand four hundred and ninety-nine dollars, a large number. Meanwhile, $1499, without the comma, is often interpreted as fourteen ninety-nine, a seemingly smaller number. It's all about psychology – making the price seem more digestible.
Hack #2: The Art of Non-Rounding
Rounding prices might seem like the courteous thing to do, but not in the world of pricing hacks. Research suggests that people are more inclined to open their wallets when the price isn't rounded. So, why not spice it up instead of a flat $6,000? Offer $6,482 – it's not rounded and has a touch of precision that can sway clients in your favour. Clients don't question non-rounded prices. They take them at face value. Rounded prices, however, cause them to question how you came up with that price and make them wonder if they are being taken advantage of.
Hack #3: Last Digit Lowdown
When dealing with large prices, focus on the first and last digits – they're the stars of the show. Throw in a low last digit to make the overall price seem lower. So, instead of $129, try $132. It might be just a few dollars, but the subconscious effect is powerful – a lower last number feels like a better deal.
Hack #4: The Three-Tier Tango
Get ready for a pricing dance – the three-tiered pricing method. Instead of presenting a single price, offer three options with varying features. Aim to nudge clients towards that middle option. Most will choose it; even if they opt for the higher one, you've struck gold. It's about giving them choices while subtly guiding them to the sweet spot.
It's human nature to compare things. The three-tier pricing method lets your clients compare prices without going elsewhere for quotes.
Hack #5: Set Up, Ease Up
Sometimes, it's all about accommodation. If a client hesitates due to budget concerns, why not suggest a setup fee and lower installment payments? For example, a $4000 project could have a $1000 setup fee, followed by six monthly installments of $500 each. Breaking down the total cost into manageable chunks can make your services more accessible and appealing.
Hack #6: Time to Install – Shorter, the Better
When it comes to installment periods, think outside the monthly box. Pitch shorter, more frequent payments – weekly or biweekly. It sounds more feasible to clients and, in their minds, can even seem like a better deal. It's a rhythm they're more comfortable dancing to.
Pricing Jedi in Training
And there you have it – six pricing hacks to add to your arsenal. The key here is to blend them seamlessly, creating an irresistible concoction for your clients. Remember, it's not about trickery but understanding the psychological dance of pricing. So, equip yourself with these hacks, and watch as your clients happily groove to your pricing beat. May the pricing force be with you!
Note: Some of these pricing hacks come from Nick Kolenda's great articles on the Psychology of Pricing. You can also review my series, where I review Nick's articles on Resourceful Designer episodes 264-269
CLICK HERE to download a PDF transcription of this episode. This transcript was created with the help of AI and transcription tools. It has not been edited for errors or accuracy.
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