Josh Zumbrun
speaker
325 appearances
5 recordings
1 series
first heard Dec 2018
last heard Oct 2023
Josh Zumbrun’s voice in public audio — every appearance, attributed to the second.
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Appearances
They kind of look at a price like $9.99 and they kind of see that and interpret that as nine something rather than $10.
It's the same as it's a penny different than $10.
And they're kind of more willing to pay that price.
And there's been tons of research over the years that backs up the fact that this is actually a very effective technique and that people fall for it.
The other piece of it is that people have come to associate that 99 cent ending with sales.
You see it all the time in commercials or the advertising inserts that you get in the newspaper and stuff like that.
Everything is $1.99, $5.99, $10.99, $8.99.
Everything is a 99 cent ending.
Gas stations, obviously, another example where everything ends in 99.9.
It's because people fall for it that it's still so common.
There's actually a name for this.
I mean, people who study pricing, businesses have entire divisions or they'll have whole teams that are working on pricing strategy.
And so, of course, there's a term for it.
It's often called just below pricing because $9.99 is just below $10.
Or they also call it psychological pricing because it's kind of a psychological trick.
Or charm pricing is another common term in the industry for this practice.
Well, so this is so interesting.
And this is what ends up being the kind of big effect.
People are pricing things for a lot of different reasons.
They're trying to get your attention.
Showing 141–160 of 325 · page 8 of 17
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