[Growth Hack 16] Double your sales using this simple hack! 💰💰

Growth Hacking is as much of a psychological phenomenon as it is a modern marketing concept. 

Read this simple psychological growth hack instead and you will be able to sell 2x more just by bringing a slight change in your pricing chart. 

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Can we quickly agree that when you’re selling your product the best case scenario is to get more people to sign up to your highest priced plan? 

This single hack can make your highest priced offers look so enticing to your visitors that they won’t be able to click away. 

To explain this hack, let me take the classic example of the Economist’s pricing:

Go check out their pricing page and you’ll see a 3-tier pricing:

  • Online subscription, $59
  • Print subscription, $125
  • Online and print subscription, $125

Noticed something weird? 

What’s the point of the 2nd pricing? 

Yep, you guessed it! 

That 2nd price is what we call the “Useless Price” added just to make the 3rd offer more value for money and worth it. 

At less than half the pricing than the print subscription, the online subscription looks great, but the third option just stands out because both Online and Print subscription can be bought at the same price as of the print subscription. 

Let’s break this down to the psychology of the buyer: 

  • Without the 2nd tier pricing, the perceived value of the print subscription in the mind of the buyers is $66. ($125 – $59 = $66). 
  • However, with the 2nd tier of pricing everything changes. 
  • The print subscription is priced at $125, so the third tier of the pricing is a steal because in the mind of the consumer, he will get a both online and print subscription at $125 whereas if they would have bought it individually, it would have cost them $184.

Having flashbacks about the times decoy effect was used on you? 

Yeah buddy, me too. 

Now think of how you can use the decoy effect in your business. 

If you are using a tier based pricing then your work’s already almost done for you. 

Smart, isn’t it?

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