Psychologically, growth hacking is a modern marketing notion.
Instead, read this simple psychological growth hack to sell 2x more with a little pricing chart tweak.
Can we immediately agree that the best-case scenario when marketing your product is to persuade more individuals to sign up for your most expensive plan?
This one technique can make your highest-priced deals so appealing that visitors won’t click away.
A notable example of this hack is the Economist’s pricing:
Check their pricing page for 3-tier pricing:
Subscription, $59 online
Print subscription, $125
Print and online subscription, $125
Found something odd?
Why is second pricing?
You guessed it!
That 2nd price is the “Useless Price” provided to make the 3rd offer more worthwhile.
The online subscription seems excellent at less than half the price of the print membership, but the third choice jumps out because both online and print subscriptions can be bought at the same price.
Break this down to buyer psychology:
Without 2nd tier price, purchasers value print subscriptions at $66. ($125 – $59 = $66).
Everything changes with the 2nd pricing tier.
The print subscription costs $125, making the third tier a bargain for consumers who receive both online and print subscriptions for $125, compared to $184 if purchased separately.
Consider how to use the decoy effect in business.
Tier-based pricing makes your job almost done.
Smart, right?