Any business – whether it be internet-based or a brick-and-mortar store-front – must adapt to changing times and be ready to convince new audiences of its appeal. Persuasion is the most important element of securing new business and ensuring customers frequently return. Marketing and advertising agencies in particular understand the importance of persuasion and how it can affect clients’ chances of success, and this is why so many businesses rely upon their services to improve their standing. Here, Exsell 7 explain the successful elements of price persuasion its clients have adopted to increase sales and maximise profit.
How the perception of price affects customers’ and client’s decisions is the most important element of price persuasion, according to Exsell 7’s Director. He explained this phenomenon in simple terms, saying “people expect more and reward those who provide it. A business can provide 12 of a product for £20 (at a 33% discount of regular price) or 8 of a product for £20 (with 4 more included as a 50% bonus). Buyers prefer the latter by and large in every circumstance”. He further explained that the difference in promoted percentages – in this case, 33% versus 50% – registers in the consumers’ minds and they are much more likely to buy in instances where they feel the discount or bonus is larger.
Comparison price offerings have also been observed by Exsell 7 to have notable effects on client product purchases. Many brands may choose to display a competitor’s high price alongside their own price as a way to embed in the mind of the consumer that they are getting a better deal. This effort can create two advantages: one in the increased likelihood of the client’s product being purchased, and a second in the stigmatisation of the competitor’s brand as being “higher-priced”. While these tactics may be used most often with tangible products, they can also be applied to services and virtually anything else in which upfront price evaluation is provided.
As premier marketing and advertising firms such as Exsell 7 continue to grow their client bases and continue to grow their clients’ success across a variety of niches, it will be seen whether other marketing firms follow in their footsteps. Price persuasion strategies can be used not only by marketing agencies with clients, but by marketing agencies against other agencies as well. The demonstration of a superior product or service with price persuasion techniques will certainly help separate the winners from the losers in the coming years, in advertising and beyond.