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How to do this Growth Hack and what can it do for you?
Price charts or price bars are all over the internet.
We see them all the time with everything that's online. There are almost always three options when it comes to creating an account.
These products are generally classified into categories such as the “Bronze”, “Silver”, and “Gold” product lines.
Each level is more expensive but offers more features.
There's a specific reason why there are (usually) three price charts.
Expected results of this Growth Hack
- Growth Hack Type: Use a psychological bias to get prospects to choose a desired option
- Expected result: Increase your revenue and conversion rates
Why do this Growth Hack?
Countless research has shown that when customers are faced with three choices, they tend to go for the middle option.
Think Starbucks.
It is not for nothing that they offer you three sizes of coffee cups.
Few people choose the small format and most opt for the “normal” one which, in fact, does not contain much product compared to the large format.
How do you do this Growth Hack?
You should experiment with this principle on your price charts, i.e. offer three options, with the middle one having the largest margin.
Some people call this growth phenomenon the “decoy effect.”
- If you offer different price ranges, you can get people to buy a specific product through price psychology.
- If you have a range of multiple purchase options, with one cheap option and one expensive option, most people will subconsciously go for the middle ground, which means you can use these high and low prices as a lure to get people to buy what you actually want to sell.
