Psychology of Numbers
Psychology of numbers, this is fun stuff. You guys are here, you're gonna see it for a lot longer. Here's what I want you to do. If you guys are online, great. When you see the next slide, point at the number, within two to three seconds, that looks cheapest to you. Okay, so point, like, imagine yourself pointing. Don't think about it. I'm curious, what did you guys come up with?
Which, who had what? $1,435.99, okay.
$1,436. $1,436, okay. (several audience members talking) $1,599 okay.
The first one.
The first one, $1,565 okay. So, oddly enough, I've ran this between many different test groups. Usually people will end with something that ends with a nine. Or whatever's the smallest print. (audience laughing) Isn't that funny? That's actually the most expensive price on there. But people would jump to it. $1,599 okay, cool. So, what does this tell us? That presentation actually does matter. Here's the psychology of a number. Everybody knows th...
is. Don't include cent figures in your packages, when you're talking about $1,500 or $2,000, $5,000 packages. That's just ridiculous. Nobody cares at that point. But, $9,899 will look more attractive than $10,000. Just from a psychology standpoint. Removing the comma to simplify. It makes it look, can you guys see that this didn't have a comma in it? Simple and small fonts. Psychology of the easier font is? So a sans serif face font. Serif face fonts are more complicated. A simpler font. Ariel, a sans serif face font, is gonna look cheaper. Weird! We put high prices towards the right of a page. Why?
'Cause you read left to right?
Yes. And what do we want to establish before we show a price?
Value. So we follow the same mentality on anything that we show. Build in the necessary taxes. You're dealing with clients that are paying a good amount of money for your services. Build in whatever taxes you need to put into those products. Don't, don't, again, stop nickel and dimeing people. Put yourself in your clients' shoes for just a second and ask yourself what would be the experience that you would want. It's already complicated enough. They have enough to think about. Ease their minds. Make it simple. Make the process easy. This is a good, a better, a best. This is a best, better, good. What is the difference? Give it to me. Jason.
I've learned that it's psychologically easier to go down than it is to go up.
It is psychologically easier to go down than up. You're absolutely right. The problem is, what about those people that you're gonna price out by starting that high? So I have a simple rule for you guys. Online, start at your good. When people, if you wanna say, "starting at" online, simply to just price out people that are too far below what you're looking at, start with your good. When you present a pricing guide to somebody, that is after you've established value, then, in a pricing guide, do best, better, good. So when they receive the guide, it's holy shite, I can do that, oh that's pretty cheap. In reality they're all pretty expensive. But that's gonna be the perception they have as they go down. From here you build a simple price guide. Again let's, let's not work harder, let's work smarter. Creative Market again, you can have also Envato. We used to get a lot of our stuff off of Envato. We switched over to Creative Market because the quality of assets is generally a little bit better that we've found. I mean this is a very objective thing. So, objective, subjective. It's a very subjective area to say that, but, like, we just find better luck on Creative Market. But there's two markets there for you guys to go and look at, where you get templates. All you simply do is type in photography, pricing, template. Okay? I had to delete the, we deleted the slide with that because it had a lot of logos on it. We didn't want to show the logos. But it's photography, pricing, template. And you'll see a grip of them. Pick one that fits the brand assets that you created earlier. Here's a sample and we've also included this in your downloads. So this is in your downloads. It's one of our sample past PDFs that we used to use and it gives you an idea of, it starts with kind of our message. So this is, like, a simplified brand experience guide. Generally these would be four to eight pages. I gave you two pages. It's enough to kind of come up with whatever you guys wanna come up with. But the first page is about who you are, what you do, your experience. This is everything that we talked about prior, right. Our why. The client why. And then, afterwards you would include your collections. Notice that in each collection we kinda follow the same principles of, all the value, starting at. Ha, ha, ha, it's a small number. It's tiny. It's okay. No commas, no nothing. Cinematography, we built everything onto this. If this were a best-better-good, you'd separate every single collection out on the different pages so that they jump from page to page to page. But I just included it all in one place 'cause honestly we only send this out when we expect to not get a phone call back. So there it is in your downloads. experience-pricing-example.pdf It is an editable file. Please don't use our images. Feel free to change those out. And then, the biggest mistake you're gonna make. Openly showing that price prior to establishing the value. We've already touched on this. So now that you have your price list, don't show it. Now that you have it, don't show it. Non until you're ready to make your ask. And you're gonna come to that sales process, we're gonna go and establish that, where we do everything and get to the ask, and that's where we present the price. Because only then is your client actually comparing correctly, right. Only when they actually understand what it is that you're offering can they make an educated decision on prices. So, we don't show it. Should I show my pricing on my website?