When it comes to pricing items, no marketer wants their product to be portrayed as expensive or cheap. Unfortunately, for most consumers price is the most common objection. A business owner should work towards keeping the consumer’s mind off the price but see the value of what he or she is about to buy. This way, you can turn an expensive product seem like a total steal. So how exactly can you effectively use your price tag labels to increase product sales?
Price Positioning Strategy
This is a strategy where you divide a huge price tag into let’s say monthly installments for a specific time frame. It does not mean that you are actually changing your pricing. What this does is first of all capture consumer’s attention long enough to get their attention. When they get interested enough to learn about the details, you explain how for so little a month, that particular product will be theirs.
It does not mean that they have to pay in installments but it gives them a general idea that if they part with the total sum of the product, the amount they would spend is worth it at the end. This is a strategy that is worth a try. You can design your price tag in a way the installment price is big enough to attract attention and then use text to explain the pricing details. Try to use minimum words as possible to get your point across.
The Value Prism
This means increasing the perception of your products value to the consumers. This can best be applied to engineered consumer products like microwaves for example. So how do you go about this? This is where you try to dazzle prospective consumers by shining a light on what went into creating that particular product.
This however does not mean that you have to write a history in form of an essay but you can simply put the details in bullet point form for simplicity. For example, for a box of software you can note the number of designers behind the project, number of engineers, their highest qualifications, the number of days taken to perfect the product and so forth. This way, a consumer will not view the software as just a box and CD but they will see the value of it and overlook the price stated.
Normalize The Prices
Most of the consumers rely on reviews from other consumers before they can make a decision to make a big purchase. You can take advantage of this and provide social proof in terms of ratings and the number of users who support your product. This way you to get normalize your product pricing. A consumer reading your price tag will find it interesting that a certain number of of people bought the same product without concerns about pricing. Soon enough they are convinced that the product must be worth it and end up buying it.
Bottom Line
The above strategies can be applied on consumer goods where buyers have to part with a considerable amount of money. In this case, you use your price tags to sell the value of your products. At Cut Sheet Labels, we have a number of professional graphic designers to help you come up with the perfect price tag labels for your products. Contact us today for more information!
