3 Price Options 💸: The Secret to Maximizing Your Conversions 🎯

If you offer different price ranges, you can encourage people to buy a specific product through price psychology.

3 Price Options 💸: The Secret to Maximizing Your Conversions 🎯
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You are looking to optimize your conversions and increase your turnover ?

I have an unstoppable tip to offer you: rely on the psychology of prices by systematically offering 3 price options to your prospects.

This technique also called”Decoy effect“, operates a powerful cognitive bias to influence subtly the choice of your customers towards the middle formula, the one that earns you the most!

Curious to discover how to implement this simple lever to boost your sales?

Let's get started.

Advantages of triple pricing

triple pricing at starbucks

Offering three price levels is a powerful strategy for any marketer. Here is why this method is essential to optimize your sales and satisfy your customers.

  • Orientation of customers to the profitable formula: With three options, most people choose the middle offer, which is often the most profitable for you.
  • Increase in the average basket: The cheapest option attracts prospects, but the majority opts for the intermediate offer, increasing the average transaction amount.
  • Responding to the needs of a varied audience: Three formulas meet the expectations of all segments: from small budgets to premium buyers.
  • Strengthening the perception of quality: A high-end option enhances your entire offer, by creating an upward suction effect.

Thus, triple pricing is an effective psychological strategy to maximize your conversions, increase your average basket and satisfy your customers.

Ready to implement this method?

Let's now move on to the concrete steps for implementing it in our detailed guide.

How to Design a Perfect Triple Pricing?

Convinced by the power of the number 3? Here's how to build your price offer for maximum impact.

Step 1: Define the central offer to be highlighted

Define the core offer to highlight
Define the central offer to be highlighted

Start by identifying the formula you want to focus sales on.

It's usually The one that combines the best quality/price ratio for the customer and the highest margins for you.

Focus on this release first. She should be the most attractive! You will adjust the other two later to highlight it.

Step 2: Make it available in lower and higher versions

Now that you have your core offer, Imagine two variations around this pivot :

  • A basic formula with limited functionalities to attract small budgets
  • A premium option enriched with exclusive services for the most demanding customers

The idea is to create a logical “bridge” between the 3 offers, with a clear progression of benefits.

tips for progressive variations of the same offer
A well-thought-out triple pricing system naturally focuses on the local formula

Step 3: Work on the naming of your offers

The names you give to your formulas are crucial. They must highlight the middle class while valuing the move upmarket.

Choose short and powerful names like “Basic”, “Pro” and “Elite” or “Essential”, “Extra” and “Ultimate”.

The objective is that when you read the names, your intermediate offer appears to be the most desirable.

Step 4: Show them side by side in a comparative way

For maximum efficiency, your 3 offers must be presented simultaneously in a comparative manner.

A features/rates table is ideal for allowing your prospects to compare the advantages of each package at a glance.

Highlight what is included in the mid-range offer compared to the entry-level offer. The checked boxes should be obvious!

‍Example of a comparison table highlighting the central offer
Example of a comparative table highlighting the central offer

Step 5: Add evidence

To finish convincing people of the superiority of your intermediate offer, reinforce it with persuasive elements:

  • Labels “The most popular”, “Best quality/price ratio”...
  • Customer stories
  • % of users of this formula
  • Visual elements attracting the eye (arrows, colors...)

The idea is to do everything possible for your prospect to say “This is the one I need!”

‍Strengthen the appeal of the central offer with evidence
Strengthen the attractiveness of the central offer with evidence

Combine all these ingredients and you will get an unstoppable triple offer that will inevitably push towards the most profitable formula!

Best Practices to Adopt

Here are some bonus tips you can apply to get the most out of your triple pricing:

  • 🎨 Take care of the design : A clear and refined rendering will be more impacting than an overloaded table. Ventilate, prioritize, guide the eye!
  • 🎭 Play on contrasts : Feel free to visually tone down your lower and higher offers to highlight the middle one.
  • 🧪 Experiment with different combinations : Prices, names, price ranges... Start A/B tests to find the best performing options.
  • 😋 Think “appetite” : Your offers should inspire people, create a feeling of upscale. It's a question of presentation!
  • 🤝 Trust the decoy effect : Don't be shy about your rates. If your central offer is attractive enough, it will sell!

By applying these best practices, you will be armed to build an unstoppable pricing strategy. The one that will make your conversions take off while maximizing your margins!

FAQs

Should we always offer 3 prices or can we show more?

The ideal is to stick to 3 options so as not to overwhelm the prospect. Beyond that, we observe a cognitive overload effect that paralyzes the decision. Even if it means offering additional options on request at the time of sale.

Can we only offer 2 formulas if we do not have enough room for manoeuvre?

It's always better than offering a single price. But the psychological effect will be less powerful than with 3 options. The ideal is really to break down your offer in 3 to make the middle one appear to be an obvious choice.

What if, despite my 3 prices, the majority of customers still choose the basic package?

Two possible reasons. Or your intermediate offer is not attractive enough (not enough additional advantages compared to the basic version). Or its price is too high compared to the entry level. In both cases, rebalance your triptych to make it more desirable!

Conclusion

As you will have understood, offering 3 price variations is THE technique to adopt urgently to boost your business. By exploiting to your advantage the natural reflex of choosing the intermediate option, you will positively influence buying behavior of your prospects.

Whether you sell services, software, or products, the principle remains the same. Well-thought-out triple pricing will help you direct sales to the formula that pays you the most.

Design your 3 formulas today by putting the emphasis on the middle one. Don't be afraid to be strategic in choosing prices, names, and presentations.

Your offer should make you want, Create a “WOW” effect, convincing that it is the best solution. Get attention, get preference, Encourage the act of buying !

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Stephen MESNILDREY
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