Traditionally retailers, high street & online, have been creating their pricing based on a model called “price ending” (aka psychological pricing). In a nutshell, the aim of a price such as £9.99 is to make customers ‘feel’ that the price is lower than it actually is (£9 instead of £10). And marketers the globe across, know this works in many cases.
However there seems to be a turn in fortunes for consumers with pricing online, if search engine marketing is worth considering. With consumers complicating their searches by adding multiple components such as dates, product features, pricing etc, traditional retail psychological pricing becomes less attractive for marketing products.
In a twisted, major DNA fightback, searchers (consumers) are now starting to make psychological pricing irrelevant by increasingly typing round numbers when searching for products e.g. “refrigerator £300″ or “Ford Monteo £2000″. There are of course plenty and possibly better examples of commonly priced products which searchers are targeting with rounded pricing.
To conclude, when determining pricing from a search perspective, the user is a lot more likely to type in ‘£10′ than ‘£9.99′ (with the exception of searching for an offer seen previously elsewhere). It is therefore logical to think that pricing might need to change in order to adapt with modern search trends.
Want to see how all this might apply to your business? Talk with one of our consultants today.
via:http://social-media.co.uk/analytics-category/search-marketing-changes-online-pricing-ever-3163/?utm_source=rss&utm_medium=rss&utm_campaign=search-marketing-changes-online-pricing-ever
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