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Charm Pricing: Why Over 60% of Prices End in the Number 9

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Manage episode 357297696 series 2534823
Content provided by Emily Binder. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Emily Binder or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

The alluring thing about 99-cent pricing (known as charm pricing) is that it feels like a sale price. It's a game stores have played with us for decades. Learn about charm pricing, the anchor effect of a price ending in 9 or 99, and whether it's right for your product or service.


Topics:

  • Charm pricing: higher prices ending in a "9" will actually outperform lower prices – on the very same product (typically)
  • Vanity pricing for considered purchases (HNW or luxury goods)
  • 5s are not good. $5000 is especially bad. #anecdotal
  • How to know if your brand aligns with charm pricing or vanity pricing
  • Historic marketing inspiration story: the successful marketing strategy that launched the Chicago Daily News for 1 cent in 1875 even though there weren't enough pennies in circulation

ThinkersOne videos:

Buy a personalized video greeting for your team or a Zoom drop-in or keynote on ThinkersOne:

https://thinkersone.com/collections/featured-though-leaders/products/emily-binder?variant=41990647480488


Rate / review / subscribe to this show as a podcast or Alexa Flash Briefing: emilybinder.com/podcast


Follow me/connect:

My website | LinkedIn | Twitter | Instagram | TikTok | YouTube | Get email updates


Hosted on Acast. See acast.com/privacy for more information.

  continue reading

727 episodes

Artwork
iconShare
 
Manage episode 357297696 series 2534823
Content provided by Emily Binder. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Emily Binder or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

The alluring thing about 99-cent pricing (known as charm pricing) is that it feels like a sale price. It's a game stores have played with us for decades. Learn about charm pricing, the anchor effect of a price ending in 9 or 99, and whether it's right for your product or service.


Topics:

  • Charm pricing: higher prices ending in a "9" will actually outperform lower prices – on the very same product (typically)
  • Vanity pricing for considered purchases (HNW or luxury goods)
  • 5s are not good. $5000 is especially bad. #anecdotal
  • How to know if your brand aligns with charm pricing or vanity pricing
  • Historic marketing inspiration story: the successful marketing strategy that launched the Chicago Daily News for 1 cent in 1875 even though there weren't enough pennies in circulation

ThinkersOne videos:

Buy a personalized video greeting for your team or a Zoom drop-in or keynote on ThinkersOne:

https://thinkersone.com/collections/featured-though-leaders/products/emily-binder?variant=41990647480488


Rate / review / subscribe to this show as a podcast or Alexa Flash Briefing: emilybinder.com/podcast


Follow me/connect:

My website | LinkedIn | Twitter | Instagram | TikTok | YouTube | Get email updates


Hosted on Acast. See acast.com/privacy for more information.

  continue reading

727 episodes

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