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When you are precise with your prices, it gives the customer a sense that you are in control and that you know what you are doing. By contrast, if you were to round up your prices, it would give the customer a feeling that you are unsure of yourself and your product.
In this pricing tactic, we will discuss the pricing tactic of being precise with large prices. This tactic can be used to make a product seem less expensive than it actually is, or to make a large purchase seem more manageable. By being precise with large prices, we can trick the mind into thinking that a purchase is less expensive than it actually is, making us more likely to buy it.
Research showed that from 27,000 real estate transactions that specific prices (e.g., $268,237) are more effective than rounded prices ($250,000). We associate precise numbers with small values. You're more likely to use specific numbers when dealing with small numbers (e.g., 1, 2, 3). These prices just feel smaller.
In this pricing tactic, we will discuss the pricing tactic of being precise with large prices. This tactic can be used to make a product seem less expensive than it actually is.
High precision pricing (the last number results in the most excellent final sale price, resulting in the most significant return for your organization! High exact pricing gives the impression that you, as the seller, have given careful consideration to your price, allowing for little downward wiggle space.
Fortunately, the notion of list pricing may be applied not only to real estate but to other marketplaces where bargaining is widespread. Consider automobiles, secondary marketplaces, and subcontracted services, among other things. Because your first move is crucial in increasing your profit, setting the initial price requires strategic consideration. So be specific and obtain the most terrific deal possible.