6 pricing techniques for PR pros based on prospect psychology

From a psychological perspective, there are several pricing strategies and techniques that can influence a prospect’s (potential client’s) decision to finalize a PR agency or a publicist. Here are six commonly used approaches for selling PR Packages:

Charm Pricing: This strategy involves setting prices just below a whole number, such as Rs. 99,999 instead of Rs. 1,00,000. The belief is that prospects and potential clients perceive the price as significantly lower, even though the difference is minimal. This is known as the “left-digit effect” and can create the perception of a better deal.

Prestige Pricing: This technique involves setting higher prices to create an impression of exclusivity and luxury. It suggests that the product or service is of high quality or superior to others in the market. Premium pricing can appeal to certain potential clients who associate price with value and status.

Comparative Pricing: This strategy involves presenting different price points to make one option seem more favorable. For example, offering a basic, standard, and premium version of a product with increasing prices and features. The goal is to steer buyers towards the middle or higher-priced option by creating a sense of value and a trade-off between price and benefits.

Anchoring: This technique involves presenting a high-priced product or option before presenting the target product or option. The higher price acts as an “anchor” that influences the perception of value for the subsequent items. By comparison, the target price may appear more reasonable or affordable.

Bundling: Bundling involves combining multiple products or services together and offering them at a lower overall price compared to purchasing them individually. This strategy can create the perception of getting a deal or discount, increasing the likelihood of a purchase.

Odd Pricing: Odd pricing involves using numbers that end in odd digits, such as Rs. 99,119.99 instead of Rs. 1,00,000. Research suggests that prospects tend to perceive odd prices as significantly lower than their actual value, similar to charm pricing.

It’s important to note that the effectiveness of these pricing strategies can vary depending on the specific context, target audience, and PR packages or services being offered. Prospect behavior is influenced by various factors, and pricing is just one element among many that can impact purchasing decisions.