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13 Psychological Pricing Hacks to Drive Sales [Infographic]

Whether you are a consumer or a business owner, you might find the following information on consumer psychology enlightening and useful. This content was submitted on behalf of Wikibuy.

When it comes to product pricing, we’re funny creatures. Our perception of cost is not as simple as reading what’s listed on the tag — in fact, it’s far more complex. The physical appearance of pricing sends subliminal messages, which in turn plays a role in our purchasing decisions and whether or not an item makes it to check out.

So, as we approach the busiest time of year for shopping – i.e. the holiday season, it becomes increasingly important for both small and large retail businesses to understand what their product pricing is really saying to customers.

It’s all about perception —

Human brains blur visual and numerical size, leading us to believe that a decreased font size, appealing layout, and even contrast means a decrease in price. But it’s not just small font size that has consumers fooled. Did you know that even something as simple as the removal of the dollar sign or comma are proven to augment customer spending?

The placement of the item and price are also crucial. Surround it with far lower prices, organize it from high to low, or let it rest between two extreme prices. In the above scenarios, customers are more likely to buy an item because they think they will get the most “bang for their buck.” In other words, people look for an affordable price without a loss of quality.

To expand on this concept and help businesses boost sales during the busiest time of the year, Wikibuy put together this comprehensive list of psychological pricing hacks to help you gain that competitive edge when you need it most.

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15 Tips to Optimize for the App Store [Infographic]

The following content was submitted on behalf of CleverTap.

Search engine optimization is a widely accepted strategy for successfully driving organic traffic to websites, but how are companies driving traffic to their mobile apps? Although Google has been around for over 20 years, marketers are still trying to navigate its complexity. the App Store, only 10 years old, is no closer to being figured out. Although this may seem like a bleak and discouraging point of view, there are many bright minds working around the clock to make incremental revelations about app store optimization.

From the most obvious factors of the app store listing, such as the logo, title, and screenshots, to the pricing, compatibility, and updates, CleverTap has compiled 15 actionable tips. When considering how best to navigate the app store for your mobile marketing strategy, implement these tips for a boost in app downloads and subsequent usage.

Via CleverTap

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11 Modern Marketing Skills for Business Innovators to Master [Infographic]

This infographic, which was submitted by Circa Interactive, covers important skills that are in demand for modern marketing professionals. In brief, the infographic provides important information and statistical data on the following skills: content marketing, mobile marketing, email marketing, social media marketing, search engine marketing, video production, data analysis, blogging, operational skills, user experience skills, and basic design skills. According to Maryland University:

Technology and social media have made a profound impact on marketing over the past few years. So much so, that small business owners, entrepreneurs, and marketers may need to update their skill sets to properly engage with he next generation of consumers (Gen Z) while effectively leveraging progressive technologies.

Via Maryland University’s Online Bachelor’s Degree in Marketing: Read more of this post

63 Coupon Statistics You Need to Know in 2018 [Infographic]

The following content and infographic was submitted by on behalf of Wikibuy.

Adding coupons to a built-out business strategy offers a number of benefits to today’s businesses. By influencing the customer purchase journey and driving customer loyalty, coupons have the ability to attract, convert, and keep customers, providing both short-term and long-term ROI. Coupons help businesses to:

  • Attract new customers: According to research by Inmar, 39% of customers say they’ve purchased a product from a brand they otherwise wouldn’t normally have bought from because they had a coupon for that brand.

  • Generate long-term loyalty: Research from ReadyCloud revealed that 68% of customers say coupons generate loyalty; additionally, studies have found that receiving an exclusive offer makes customers feel rewarded, excited, and special, generating goodwill for the brand.

  • Increase purchase amount: A study by Kelton found that coupons influence customers to seek out something to buy, treat themselves to something they don’t need, purchase a more expensive product, and spend more than intended.

Brands looking to leverage the benefit of coupons should focus on specific types of deals that have been shown to attract customers and increase conversions, including:

  • Offers on everyday items: 54% of consumers use coupons on basic necessities.

  • Free shipping: Nine out of 10 consumers say free shipping is their top incentive to shop online more.

  • Rebates: 83% of consumers think rebates are great savings opportunities.

  • LTOs: Approximately 50% of millennials think limited time offers are very enticing.

  • Surprise perks: 61% of online shoppers say receive surprise discounts is their preferred personalization experience.

To help get you started incorporating coupons into your business strategy, Wikibuy compiled 29 research-backed stats for driving purchases with coupons. Check out the full visual below to see how coupons can benefit your business.

Via Wikibuy: Read more of this post

How to Become a Self-Publisher [Infographic]

Are you interested in self-publishing? Recently, this visually stunning infographic came to my attention. And it provides a lot of useful information, addressing issues such as challenges to overcome as well as benefits and key aspects of self-publishing. According to Moneypod:

Self-publishing is becoming an increasingly popular method for budding authors to get their publications noticed, especially if their writings have been rejected by publishers in the past. However, it can be a tough start to your career and can take time to perfect.

If you’re an aspiring author, take a look and see if the following information helps with your planning.

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The Price of Attention & How Demand for it has Outpaced Supply

My previous post on the state of marketing doesn’t reflect random interest. Having put myself out there on the Internet as a professional for a few years, I know unsolicited sales pitches from business development and marketing “gurus” come with the territory. I’ve often thought it might be a good idea to take a cue from Richard Herman, call myself a professional quality attention giver, and set a price for my attention and time ($8.00/minute to read supposedly sly let’s-see-if-I-can-convert-this-friend-into-a-client messages, etc. – Hurry! This generous, promotional rate won’t last!). According to Matthew Gentzkow’s figures in Trading Dollars for Dollars: The Price of Attention Online and Offline however, here’s the actual monetary trend for attention across time and media: Read more of this post

Darwin at Work: The State of Marketing & Resistance to Marketers’ Influence

When it comes to organizational cost-cutting, I’ve often heard that the marketing budget is commonly among the first to be cut. Until now, I didn’t know why exactly. However, the preview section of Does Marketing Need Reform? Fresh Perspectives on the Future clarified the factors contributing to the current state of marketing. This book was authored by Jagdish N. Sheth and Rajendra S. Sisodia, and was published in 2006. So, it’s dated but the major themes are still relevant as they are echoed in the 2011 video below.

The following historical facts and figures, as cited by Sheth and Sisodia, put the past and present situation in perspective:

  • “In an age when the mantra of business has been ‘do more with less,’ the marketing function has for too long been ‘doing less with more.’ In most industries today, the marketing function consumes over 50 percent of corporate resources, up from less than 25 percent around 1950. At a macro level, marketing represents a tremendous waste of resources that could be better utilized elsewhere.” (p. 20)

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Evolution in the Face of Adversity

For those who have an interest in marketing, check out this post for some essential wisdom and strategies for thriving in these volatile times.

Out of My Gord

First published January 15, 2009 in Mediapost’s Search Insider

I am an unrepentant Darwinist, which probably doesn’t surprise anyone who reads my columns on a regular basis. The whole topic of evolution and emergent behaviors in complex systems constantly fascinates me. As Steven Johnson pointed out in his recent book, “Emergence,”  the theme of patterns rising from complexity is  ubiquitous and could well define the 21st century.

The World is a Cruel Place – Get Over It!

One of the most interesting things about evolution is that the pace of evolutionary change picks up in the face of adversity. The more hostile the environment, the faster the wheels of evolution roll and the quicker we adapt. Of course, we do so in a pretty ruthless way. The weak get culled faster. There are no consolation prizes in this lottery. Winner takes all. Richard Dawkins didn’t call genes “selfish” for…

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How to Become an Instagram Instaguru [Infographic]

When I first started using Pinterest, I thought finding and pinning images would just be a frivolous activity I’d engage in when I’m bored. While I don’t spend a lot of time there, I have found it to be more entertaining than I initially expected. For those who really know how to use it, another potential benefit of using such imaged-based social media tools is that they can be an effective way to find and connect with others who have interests in common and, at the same time, promote oneself or one’s business. I’m more of a recreational user but, for those who’re curious, my boards can be found here. As a forewarning, I’ve somehow managed to amass a large image collection of featherless, baby parrots which some people find freaky… though I think they’re rather cute!

Having found Pinterest to be more interesting and useful than I anticipated, I became curious about Instagram’s potential as a practical tool for networking and promotion. Fortunately, I just found the following guide which offers tips worth thinking about if you’re interested in using Instagram to promote your business or yourself as professional. Have you used Instagram and have tips to share? Feel free to comment and share them! Read more of this post

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