The way you price your products is important to your eventual volume of sales. One of the strategies that brands have been using to attract customers is having prices ending in 7. A keen look at the internet marketing circle shows that online businesses have maintained the trend of prices ending in 7, but they don’t really know why they’re doing so.
In essence, there’s no basic fact behind the pricing strategy. That’s why this idea is described on the basis of psychology. There’s a psychological push that makes brands price their products in such a manner.
For more information, here’s a description of the psychology behind prices ending in 7.
The Belief Advanced By Ted Nicholas
The prices ending in 7 belief started with the renowned marketer Ted Nicholas. Popularly known for his expertise in internet marketing, brands and marketers have continued to receive timely and valuable marketing tips from him.
In one of his workshops, he advanced the idea that the number 7 has the capacity to improve the number of sales significantly. It’s from that point that the idea of prices ending in 7 became a popular trend among marketers.
The statement by Nicholas inspired marketers to end their prices in 7 to attract more customers and make more sales. This idea is so psychological that brands find themselves believing in it and it’s all because a highly respected marketing expert popularized it.
Perceived Lucky Number
There’s also the perception that 7 is a lucky number. Many people have come to settle for the idea that when they use the number 7, they’ll succeed in what they do. In the world of business, the perception of making more sales because of prices ending in 7 does exist.
Marketers ascribed to this psychology believe that their brands will be luckier than their competitors in regards to attracting and converting customers. Though it’s not based on proven research, online marketers believe that prices ending in 7 are what they need to improve their sales.
Indeed, this is a question of perception and the truth is that many people believe in it.
The Herd Mentality
The herd mentality refers to the behavior that people adopt as a result of those around them. Essentially, they begin to behave in the same way as the people around them. It’s like following someone blindly without using logic.
This is the same mentality that internet marketers fall into as they set their prices to end in 7. They are simply following this trend blindly without having a solid basis about it.
Marketers want to settle for what they have seen happening. They don’t want to go into untested waters because they might not make as many sales as they have been making. Thus, this psychology of pricing is a result of herd mentality.
Conclusion On Prices Ending In 7
The most important thing for your business is to make as many sales as possible. Since your customers are your most valued assets, you use whatever strategy necessary to attract them to your brand.
This is why internet marketers continue to apply the strategy of prices ending in 7 to win as many customers as possible. Indeed, this is a psychology-based pricing strategy that will remain in business circles for as long as brands and marketers believe in it.