Maybe Not a 000-Sum Game
Here’s an interesting Washington Post article on a Cornell University study on a “pricing trick” that seems to work. The study’s specific to the home real estate market, but it most likely has psychological implications for how we price what we sell (what doesn’t?).
They “found that people will pay more for a house if its listing price does not end in a bunch of zeros.” Translated: If you price it at $329,675 instead of $330,000 you may likely make more money. [Read the article]
My take: It’s the perceived precision that’s doing the work on the prospect’s head. As in, “Whoa, that’s precise! There must be a reason for it; I better give it some attention.”
And when you’ve got attention, more often than not, you’re halfway there.
This precision thing isn’t for pricing only… in my experience, it works very well for time. I get people to show up on time more frequently if I’m anally precise about the schedule. The meeting’s not at 4:00, or 4:30, or even 4:15 — it starts at 4:06. Or, “Pick me up at 7:23.” Try it, if you don’t mind people giving you funny stares.
Weird, huh? Food for thought.
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