Price it Right
Don’t price products or services using round numbers. Odd prices may appear as though even more thought went into your decisions. In this way, prospective clients may subconsciously believe the prices you choose are “correct.” This phenomenon is intended to create less friction between consumers’ wallets and your cash register.
Wal-Mart at www.wal-mart.com, Phone.com at www.phone.com, and DomainMarket.com at domainmarket.com are good examples of places that often sell products with strange looking prices that may end with “88,” instead of the more common “99” or “00.”
While round numbers seem honest and customers might find a price of $.99 to be sneaky, using $.88 is a way of getting near the next higher increment without actually marking the price to the next dollar.
The authors believe that “88” sounds good, looks good, is simple yet appears to have required some thought or process, is somewhat unique, and doesn’t risk offending people. While the efficacy of creative pricing is debatable, it’s easy to do and is unlikely to have negative effects.
