Pricing your offers or products can feel tricky.

There's tons of advice out there, especially from the "just charge more, bro" camp.

But sometimes charging more isn't the answer. And sometimes charging less isn't the answer.

The real answer lies in the psychological presentation of your current pricing.

Today I want to share 4 of my favorite psychological pricing tips, in hopes only a slight adjustment to your current pricing strategy can help you make more sales.

Let's dive in.

Psychology Pricing Tip 1: Odd-Even Pricing

For your entire life you've seen items priced at $99.99 instead of $100. Or $49.99 instead of $50. That psychological pricing strategy, one that uses "9.99" instead of the round number slightly higher, is known as "charm pricing."

But odd numbers have their own charm, beyond using "9."

Odd-even pricing leans on prices ending in odd numbers, like 5 or 7, beyond the typical .99. Odd-even pricing isn't just about the illusion of savings; it's about the rhythm and flow these numbers create.

They're memorable, they stand out, and they have a way of making prices feel friendlier, more approachable. This subtlety can drive sales in a way that feels almost intuitive to the buyer.

Pricing ending in 5 or 7 subtly hints at a REAL price, instead of a price thrown together to make something feel cheaper like your standard charm pricing.

Takeaway: Try using a "5" or "7" number in your pricing instead of a standard "9." You'll lost a couple dollars per sale, but your conversion rate just might shoot way up.

 Example of odd-even pricing fro Kay Jewelers:

Psychology Pricing Tip 2: Time-Sensitive Urgency

Time-sensitive urgency is all about creating a sense of urgency without screaming "sale."

Instead of plastering your site with discount tags, use time-sensitive psychological triggers. Make an offer for a limited-time only, such as "available for the next 48 hours."

You can also offer a small discount when doing this, but it's not required. The real trick here is the fleeting nature of the offer.

Because it's not the size of the discount that matters; it's the ticking clock. This strategy plays on the fear of missing out (FOMO), making your offer more attractive and more urgent.

Takeaway: Don't make your offer or product available 24/7. Take new clients in waves, or cap your total client spots.

 Example from Jay Clouse's creator lab community, where he is constantly full on spots:

"currently at capacity" ... Guess what happens when some people drop and he re-opens the community back up? It sells out again!

Psychology Pricing Tip 3: Price Anchoring 

Price anchoring shapes what customers think about prices.

When you see a price for the first time, that's your anchor. It's like a marker. Everything else you see after that seems cheaper or more expensive in comparison.

If a store shows you a high price first, other prices feel lower.

This trick helps customers decide what's a good deal and what's not... Because it's all about making the first price stick in your mind. For it to work, the first price should feel just right—not too high, not too low (ok, maybe a little high).

In the end, price anchoring is not about numbers.

It's about making that first price a reference point for everything else. Doing it right means customers see your other prices as better deals. It's a simple way to guide them towards what you want them to buy.

Takeaway: put a (somewhat) high number in front of a prospect first, then guide them to a "great deal" since they will be viewing the end value based on that initial number.

Price anchoring example:

Psychology Pricing Tip 4: Prestige Pricing

We've covered charm pricing and odd-even pricing. But if you're a aiming for a more "premium" or luxury feel, forget everything about those tips.

Prestige pricing throws the ".99" strategy out the window. Why? Because round numbers speak the language of simplicity, luxury and quality.

Round numbers convey a sense of trust and elegance, making any product THE option for those who don't blink at price tags. The prestige pricing strategy elevates your brand, placing it in a league where price is not a figure, but a statement.

You'll see this often in luxury brands, for example: Louis Vutton uses big, round numbers for every single item in their store.

Takeaway: If you want your brand, product or business to be seen as premium or luxury, use prestige pricing instead of charm pricing or odd-even pricing.

TL;DR for the Skimmers:

Here's 4 psychology pricing strategies you can use today:

1. Prestige Pricing: Round numbers to convey luxury.
2. Odd-Even Pricing: Odd numbers make prices feel approachable.
3. Time-Sensitive Availability: Don't be available 24/7 to create urgency.
4. Price Anchoring: Give a high price first to set the standard, then offer "value" through lower values later.