Every month, I like to check in on the latest scientific research into marketing and consumer psychology. 

(Sounds fun, right? Look, it is to me, alright.) 

Anyway, we've all heard how we prefer to price things with odd numbers, like 99p. This preference does have a basis in psychological research. 

Apparently, it makes items seem cheaper based on psychological factors, such as...

Left-Digit Bias: Consumers tend to focus on the leftmost digit of a price when making quick judgment calls (err, hello books). So, for example, a price like £1.99 feels closer to £1 than £2, even though the difference is just a penny.

Then there’s the idea of Charm Pricing: Odd numbers, particularly those ending in 9, seem "charm"ing and more appealing to consumers. Some research suggests this might be related to historical contexts like bartering, where fractional amounts were commonly used.

But, with multipacks like book bundles, a recent study reveals consumers prefer a price that’s easily divisible by the number of items in the pack. 

So, if you have a 3 book bundle, then pricing at £9 or £12 can increase the purchasing likelihood. If it’s a four book bundle…well you can do the math. 

It works because it creates a unit price. They can easily calculate the price per book, which shifts their attention from the bundle price to the item price. 

Charm pricing still might work because consumers might round-up, so £11.99 for a 3 book bundle becomes £12 in their minds.  
 

You also have to be aware of, and do a little research into your competition and the market norms. The prevalence of odd pricing creates a market context where customers are trained to expect it. So straying from this path can make your product stand out — but, not in a good way.

Hope that helps.

If you have a book bundle, do you already use this price strategy? If not, and you test it, I’d love to know how you get on. 

Angie

The Book Funnel Lady

If you spot any typos or run on sentences or dangling thingamies, please be kind and let it slide. Save your energy for something better.

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