Imagine you want to buy a calculator.
Which price feels better? $19.85 or $19?
Now imagine you want to buy perfume as a gift for a friend.
Which price feels better? $39.72 or $40?
Today's Thursday Thread is dedicated to this question: Should I use round prices?
Which price feels better? $19.85 or $19?
Now imagine you want to buy perfume as a gift for a friend.
Which price feels better? $39.72 or $40?
Today's Thursday Thread is dedicated to this question: Should I use round prices?
You see, consumers feel when the price is right.
Researchers actually found that rounded prices feel "more right" for hedonistic products.
These are products that are bought by emotion, in contrast to utilitarian products which are bought by practicality.
Researchers actually found that rounded prices feel "more right" for hedonistic products.
These are products that are bought by emotion, in contrast to utilitarian products which are bought by practicality.
But how to know if your product is considered utilitarian or hedonistic?
It all depends on the goal of consumption.
A camera, for example, can be hedonistic if bought for a family vacation, or can be utilitarian if bought for a class.
It all depends on the goal of consumption.
A camera, for example, can be hedonistic if bought for a family vacation, or can be utilitarian if bought for a class.
So figure out why your customers buy your products and whether their decision is triggered by a thoughtful process or by emotions.
If it is by emotions, use round prices.
If it is by cognition, use odd prices.
Thanks for reading! DMs are always open for questions.
If it is by emotions, use round prices.
If it is by cognition, use odd prices.
Thanks for reading! DMs are always open for questions.
