A Shocking Pricing Tip You Need To Know When Pricing Your Social Media Management Services

Oct 28

If you're a social media freelancer or aspiring to be one, you've likely either heard of or hit the roadblock that usually pops up when it comes to pricing our services. Our most frequently asked questions in our community for social media managers are always surrounding setting pricing for social media management packages, retainers, flat rates, and hourly rates.

When considering pricing, it's crucial to understand our audience thoroughly. Beyond simply knowing their budget, delving into buyer psychology becomes essential.

What is Buyer Psychology?

Buyer psychology is understanding why your customers make certain decisions. When you're in the decision-making stages, you might not notice, but there are a lot of factors that are influencing your decision! Humans aren't computers, we don't always operate purely on logic; emotions significantly sway our decision-making processes.

7 and 9 Pricing Psychology

You've likely seen the store shelves full of products priced at "$10.97" and "$5.99" prices, rather than rounded-out numbers. Since these strategies have been around for a while, everyone has skimmed over the reasons why this is. Can a few cents sway a person's purchasing decisions? The research says, yes!

Marketer, Ted Nicholas, has conducted research this theory and has found positive results that these numbers can lead to an increase in sales.

How Can We Use Pricing Psychology in SMM

Of course, pricing is specific to EACH audience and market. So, when implementing pricing psychology, ensure that you test this theory out on your own before setting it to all pricing.

Understanding buyer psychology allows businesses to set prices that resonate with consumer perceptions, emotions, and decision-making processes, ultimately influencing purchasing behavior. Use this pricing tip when crafting your social media management pricing!

What if your hourly ended in one of these two numbers? Or your package pricing? Or your add-ons? See if you notice a difference to test the theory!