How to Increase Revenue Through Pricing Plans

How to Increase Revenue Through Pricing Plans

Do you think you know everything about what you are going to buy or you think to buy?

Whatever, psychologists say that our mind can be tricked easily in to choosing the product that is not of our interest.

Our opinions are influenced by prizes.

Our opinions are influenced by values they offer.

A fair prize can strike a deal irrespective of clients/customers’ interests. A psychological barrier!

A growth hacker can take advantage of such psychological loopholes.

It’s a proven fact that a ‘fair’ price can be different for the same product or service depending on circumstances and context.

Just Hack It:
1. This is called decoy effect. This can help you increase the sales of some of your premium services/products.

2. You might have seen it being used around with some products but never gave it too much of thought.

3. It simply suggest that instead of having two plans, say an entry level and a premium, have a third intermediate decoy plan.

4. Say you charge 20$ for consultancy, and 60$ for consultancy as well as assistance.You can now go for decoy plan for which you can charge 40$ with some services from both of the plans.Now users are more likely to go with the third decoy plan, which indeed will boost up your sales.

5. Want to see it evident? Go to your nearest juice corner or café and compare the three sizes of cup/glasses they offer.

6. You will find you are more likely to go with the decoy glass. This is the relative comparison that strikes the deal.Growth hacking is everywhere!


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