11-05-2022
Split pricing: Lower price always attracts consumers. One can make a Rs 6000 item appears cheaper when priced at Rs1500 per month. The Rs 1500 tag looks cheaper than the Rs 6000 price.
Price anchoring: If we want to sell a watch having a price of Rs 2000, place it right next to a Rs 5000 watch. A common mind has the habit of comparing things and the product with less price has more chance to be sold.
This is a smart marketing strategy because it plays with how people think about prices. Instead of changing the actual cost, it changes how the price looks and feels. As a result, customers are more likely to feel the product is affordable or a good deal and make a purchase.
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