Your customers can learn a lot about your business based on how you present your product prices. From the font to the location, you must consider every aspect. If you need some fresh ideas, here are a few unique ways to display your pricing.
The first thing to consider when displaying your pricing is the physical design. When presenting your prices, the materials you use can alter customer perceptions and, ultimately, persuade them to buy.
If you want to stand out from all other businesses, the easiest way to do that is with custom signage. Though you will need to decide the exact dimensions, colors, materials, and shape of your sign, a display customized for your business works wonders. Customers will feel drawn toward the sign if they haven't seen anything like it before. For example, most people see plain white and black signage displaying a product’s price. They'll take a second look at your signs if they’re colorful and unique.
Custom signage can go several ways. If you or an employee have woodworking or metalworking skills, you can create something new for the business. This will reduce any consulting or design fees. Or you can find a local artisan to cut, paint, and polish a beautiful sign.
Custom Graphic Designs
A custom sign will be the physical board, plaque, or tag you use for price displays. You'll also want custom graphic designs for any in-house printed labels or online advertisements. Before you develop your own design or sit down with a graphic designer, jot down a few themes. Consider the tone, style, message, and personality of the images—remember that these designs will be very important for your price tags. Once you develop and print the designs, you can add them to your sales floor with price tag holders for shelves like ours at The Global Display Solution.
Chalkboards and Whiteboards
Another creative way to display pricing is with chalkboards and whiteboards. Many small businesses and boutiques utilize these kinds of displays to appeal to passersby. Chalkboard and whiteboards are perfect instruments because they'll always add unique flavor to your storefront—plus, they're reusable. If you have anyone on staff skilled in lettering, have them write out your pricing and deals in chalk or marker. For example, if you run a grocery store, you can use chalkboard A-frames for advertising your meat prices each day.
DIY Price Tags
A price display is one thing, but price tags are quite another. While you use boards and other items for a display, the price tag lives on the product itself and must stand out. Consider crafting some DIY price tags out of leather, foil, wood, or recycled paper. Then, use a ribbon or rope to tie the label to the product. You can use these materials to add a handcrafted and elegant touch to your products that'll wow customers with your attention to detail. DIY price tags allow you to control your business's personality and narrative. Add some texture and style to your price tags so customers take notice.
Once you have the materials and images you'll use to craft your signage, you should consider how to present it to customers. Don't underestimate the power of psychology in pricing displays. With the right tactics, you can positively influence your customer to make the buy.
The first thing you'll want to do is consider the language and phrasing you use when displaying prices. Though you'll include numbers to indicate a dollar amount, you'll also have a time where you advertise discounts and promotions that require finesse with language. Make sure you develop your marketing phraseology around ideas accessible to your customers. From the ideas themselves to the designs and pricing, you want to make sense. If they don't see the connection between your sign and the product, you'll just confuse them.
The contrast effect is a powerful psychological tool that many business owners use to encourage people to buy their items. If you have a product you really want to sell but don't know how to attract customer attention, consider placing a higher-priced item next to it. When you confront people with a single item at a mid-range price, they decide whether the purchase is worth it based on their own thinking. But you can do their thinking for them if you place a higher-value item next to it and make the first item seem like the better deal. This way, people will think they're making a savvy decision. For example, if a tire shop wants to sell a particular line of tires, they can set up expensive racing-level tires next to the target product to make the mid-range tire price more palatable.
Psychologically, people are quicker to digest the number presented rather than calculate the total price over time. Car dealers take advantage of this principle by describing their automobile prices according to the monthly installment. Use this tactic and split your larger product prices into the cost of several monthly payments. This method works well for retailers of high-ticket items like furniture or appliances.
The way you represent money on the price display will affect people's likelihood to buy. Instead of giving a large, round number, use the principle of nines and reduce a round number by one cent. This way, a $60.00 coat presented as $59.99 will appeal more to your buyers. You can also consider removing the currency sign on your prices. This can encourage people to consider the quantity in an abstract way rather than as a representation of their money. When creating your display, you'll also want to reduce the prices' print size, so people don't immediately notice it. You want customers to understand the product before its price.
Use a few of these unique ways to display your pricing the next time you update your signage. With the right combination of psychological and physical factors, you can secure more purchases. If you need help with your price display, contact us at The Global Display Solution to find the best option for your business.