Behavioural Pricing

Behavioural Pricing

Behavioural pricing, also known as behavioural pricing, is a marketing and pricing strategy that aims to better understand and influence the purchasing behaviour of customers. This innovative approach to pricing is based on the realisation that customer decisions are influenced not only by rational factors, such as the price itself, but also by emotional and psychological aspects.

At the heart of the behavioural pricing strategy are various psychological principles and behavioural patterns that shape the purchasing behaviour of customers. A well-known example of this is pricing based on final digits. Studies have shown that products that end with prices ending in odd numbers such as 9 or 7 are often perceived as cheaper and are therefore more likely to be purchased. This is an example of using behavioural pricing to persuade customers to buy a product by influencing their perception of the price.

Another important concept in behavioural pricing is price framing. This involves placing products with different prices in close proximity to each other in order to increase the perceived value of a particular product. A more expensive product in close proximity to a cheaper product can lead to customers being more willing to buy the more expensive product as it appears to be of higher quality in comparison.

Furthermore, the use of psychological trigger words in advertising plays an important role in behavioural pricing. Terms such as "special offer", "limited offer" or "for a short time only" can create a sense of urgency and tempt customers to make a purchase decision more quickly.

The collection of data on customer purchasing behaviour is a central component of behavioural pricing. Companies use big data and advanced analytical methods to analyse customer behaviour and identify patterns. These findings make it possible to offer customised prices and offers to increase the likelihood of a purchase.

In today's digital world, behavioural pricing is also used online. Online retailers adjust prices in real time based on customer behaviour and preferences. This can lead to different customers being shown different prices for the same product.

Overall, behavioural pricing is a highly developed method of influencing customer buying behaviour and increasing sales. Through the skilful application of psychological principles and the use of data, this strategy can help to better understand customers and develop more successful sales strategies.

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