WTF is Charm Pricing and Does It Matter?

Welcome back to Good Authority as we enter into a fresh new year.

In today’s episode, we’re talking about WTF is charm pricing and does it matter?

Charm pricing is often called psychological pricing. A way to influence the buyer to purchase while thinking that they’re getting some kind of awesome deal. This is seen by many as a manipulative tactic because it makes the offer appear less expensive than it actually is.

As a business owner and entrepreneur, you might be using charm pricing for your own products and services because it just seems like the thing to do, right? You see it everywhere you go. From online products to grocery stores and clothing brands and not to mention all the yearly sales (EOFY, Boxing Day Sales, Black Friday Sales - I’m looking at you). 

It feels like the weight of these industry-wide and industry created problems are on the shoulders of all entrepreneurs, even the little guys. 

What does this mean for you and your business? Should you instantly go out and change all of your pricing for your programs, your flagship course and your service offerings to round numbers? For some, it might be an obvious yes but you really need to consider a lot of factors first.

When you make pricing decisions that are beneficial to both you and the customer, it means that your business is going to be more sustainable, it's going to be more ethical, more effortless and more effective as well.

➡ Apply for the Infinite Growth Mastermind, the 10-week group coaching program for online entrepreneurs ready to launch a 1:many offer in 2021 - https://amiefinlayson.com/mastermind

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Neil Patel's 5 Psychological Studies blog post: https://neilpatel.com/blog/5-psychological-studies/