Marketers can affect price perception by understanding how humans learn through association

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 14, 2019, 8:30 AM UTC

Using a small font size for the price, makes it seem cheaper.

This article explores how using psychology concepts in marketing can change how consumers perceive price. According to Nick Kolenda, marketing expert, humans learn by association. “Size” is one of the concepts where studies show that if the font size of a price is smaller, it is perceived as cheaper that if the font size was large.                       

“Weight” is another concept where we believe light things rise and heavy things fall. Hence, the closer the numbers are to the bottom of a price tag, the more expensive the product is perceived to be.

Kolenda says that crossing out the original price and writing a discounted one is conceptualised as a “motion of reduction”. So even if consumers forget the actual price, they will remember that it had great value.

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[4 minute read]