According to a Roper Starch poll, 7 out of 10 adults surveyed say they feel satisfied, even excited, when they get a really good deal.
Everyone is looking for a deal. Psychologically, getting a deal makes it easier for a buyer to give themselves permission to take the plunge. Buyers are persuaded first by emotion— then they justify their choice with logic.
Because they emotionally want it, they can quickly justify their desire by purchasing it because it’s a deal— and because it’s a deal – it gives them the excuse to buy— without regret.
Retailers know this psychology well. The suggested retail price on a piece of clothing is an intentionally inflated price. They really never intended to get that price, but by inflating the starting price – they have lots of wiggle room to always have it on sale, or heavily discounted. It’s a wonderful thing. They get the sale at the price they really wanted, and the buyer walks away happy thinking they got a deal! A win-win situation.
As a business owner – always consider this strategy when pricing your products. Today’s consumer doesn’t feel good about paying full price. Let them feel as they are getting a deal and you will find both of you will walk away happy.