How to plan designs for Black Friday
We know it’s only September, but November and Black Friday will be upon us before we know it! Have you thought about your marketing for Black Friday yet? If you haven’t, here is a few ideas of how to use the psychology of pricing in your marketing designs!
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WHAT IS PSYCHOLOGICAL PRICING?
Psychological pricing is a strategy that uses pricing to influence a customer's spending or shopping habits to make more or higher value sales. The goal is to meet a customer's psychological need for something, whether that's saving money, investing in the highest quality item, or getting a “good deal.” The psychology of pricing encourages customers to think about the price in a certain way.
By using techniques in your design to influence the appearance of the price, you can change how it is perceived. Here are a few ideas of how you could implement psychological pricing into your design…
HAVE THE LOWER PRICE IN A SMALLER FONT
When showcasing an item in the sale, have the reduced price of the item in a smaller font to the original cost as this increases the likelihood of purchase.
PLACE THE PRICES SIDE BY SIDEl
Have the prices placed side by side instead of one on top of the other. Conversely, horizontal (side by side) placement has proven to result in a greater tendency to compute absolute numerical difference.
SHOW THE LOWER PRICE ON THE RIGHTHAND SIDE
Because we read from left to right, make sure to place the higher price on the lefthand side, and the lower price on the right. This helps us to understand the price reduction and also leaves the customer with the current, discounted price as the lasting memory.
USE REGULAR AND SALES PRICES
When consumers view regular and sale prices with identical left digits, they perceive larger price discounts when the right digits are "small" (i.e., less than 5) than when they are "large" (i.e., greater than 5). As a result, they may attribute greater value and increased purchase likelihood to higher-priced, lower-discounted items.
SEPARATE THE TWO PRICES VISUALLY
Ensure to leave a big enough gap between the two prices so that it is a clear separation of the two different prices.
Now you understand the psychology of pricing, how about looking at implementing these ideas into your designs and see what impact it has on your sales!
Do you need help with social or email marketing? Get in touch, we would love to use our design expertise to help you get the most out of your upcoming seasonal events! Get in touch ahead of your Black Friday sales!
