Designer and Creator
Business

🌱 Offering multiple prices for your product to increase revenue

When we put only one price for your product, it seems that we leave a lot of money on the today. People need something similar to compare to define if it’s worth it. We call it price anchoring.

A great example we can learn from is 🌱 Price Anchoring with Elon Musk.

We can do it better by offering three different price options for your product (Tier-based pricing). So the middle one is often preferred by customers, and it’s a psychological trick—people often prefer the average.

That’s how Starbucks is doing. They gave us three sizes: tall, grande, and venti, and you would usually go with the grande option.

It’s called the compromise effect.

References:

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