I was watch some YouTube video with my husband yesterday and we stumbled across a video that talked about a bunch of fallacies and effects. One that particularly caught my attention was the Framing Effect. We’re going to talk about the Framing Effect today and how you can apply it to your Tip Menus
What is the Framing Effect
I’m going to use the example used in the video because it sums up the framing effect nicely. Say you’re at the theater and the concession stand has a small popcorn for $3 and a large for $7. A higher percentage of people will chose the cheaper option than the more expensive option. You go back to the concession stand and they now have a small popcorn for $3, a medium for $6.50 and a Large for $7. According to this video, studies show that with the third option in play, a larger percentage of people will buy the large popcorn because they see it as the most valuable option of the three. If you want to learn more about the framing effect, you can watch the YouTube video about it Here
How Do We Use This?
Now that we know what the framing effect is, how do we use it to price our content? We start… with our tip menus. Take a look at my tip menu for example- what do you notice?
You’ll see that for my custom and JOI content the pricing is pretty standard. But for content that has time frames or can be bundled, I have three options, two that are pretty standard for the industry and a third, priced just above the second, and provides more value to the customer. If you’re already going to spend $90 on a sexting session, why not spend ten dollars more to get 15 more minutes of time? Or purchase 5 videos instead of 3 for $3 more? I’ve also made sure to highlight these options on my menu. Each of the high value options are bolded to stand out from the other text and have a bright red sticker indicating that it’s special pricing next to them. Drawing attention to your special pricing as well as making sure its a high enough value to make people want to purchase your services or content, will go a long ways towards people pulling the trigger on those items.
Creating Your Tip Menu
I’ve said it many times; I am a big fan of Canva. I created a draft tip menu for a blog a few weeks ago using a template on canva in about five minutes. This one took me a little longer because I needed it to be just right for what I am trying to accomplish with my business. But even with the care and attention to detail, I spent no more than 45 minutes in total working on and tweaking this tip menu. I used the Elegant Wedding Menu template on canva for this menu, but there are a lot of prefabricated menus that can be quickly edited to suit your needs. Work smarter not harder.
If you have any questions about tip menus, pricing, or being a content creator in general make sure you’re following our advice Subreddit, and follow our Facebook and twitter pages for daily updates from the site.
Dont forget that Tuesday we’re hosting a creator workshop where we will be discussing Scams, Security and Instagram promoting with yours truly. We’ll have links to sign up going out from the Stepanka Admin account on Unfiltrd soon! See you there! xoxo Sara Lyn Chacon, Unfiltrd Staff.
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