Increase the perceived practical value of your product

Offer deals.
When most people think about practical value, saving money is one of the first things to come to mind. Customers are so focused on getting a good deal that they sometimes end up paying more to get them. So, offer discounts and bonus services from time to time to increase the perceived value of your product.

Cut through the clutter.
Deals are more appealing when they highlight incredible value. Since we’re bombarded with deals, you need to offer the ones that will help you break through the clutter. Make sure it surpasses expectations. Offer huge percentages off, restrict the quantity available, and reduce the time duration of the promo. Research shows that quantity purchase limits increase sales by more than 50%.

Use “The Rule of 100” when offering discounts.
If your product’s price exceeds $100, then percentage discounts will seem larger. For a $30 t-shirt or a $15 entree, even a $3 discount is still a relatively small number. But that discount looks much bigger percentage-wise (10% or 20% off). If your product’s price is more than $100, on the other hand, use numerical discounts instead. Take a $750 vacation package or a $2,000 laptop. While a 10% discount may seem like a relatively small number, it immediately seems much bigger when you translate it into dollars ($75 or $200 off).