Learn more about problemsolving with this collection
How to create customer-centric strategies
The importance of empathy in customer success
The impact of customer success on business growth
Pricing strategy helps you determine the price point at which you can maximize profits on sales of your products or services. Factors to be considered includes:
Costs: Overheads, production and distribution.
Competitors: Offerings and positioning strategies.
Customer: Target customer profile.
MORE IDEAS ON THIS
Used by a wide range of businesses including generic food suppliers, commodity traders and discount retailers, economy pricing aims to attract the most price-conscious of consumers. Businesses using this strategy should be well positioned for cost savings and higher sales volumes.
Premium pricing is the practice of setting the price of products or service artificially high. Premium pricing is often most effective in the early days of a product’s life cycle, and ideal for small businesses that sell unique goods.
Penetration strategies aim to attract buyers by offering lower prices on goods and services. While many new companies use this technique to draw attention away from their competition, penetration pricing does tend to result in an initial loss of income for the business.
Bundle pricing is a strategy to sell multiple similar products packaged together at reduced price. This is an effective way of moving unsold items that are taking up space, but it can also increase the value perception in the eyes of the customer and increase the average sale value.
Psychological pricing is a pricing and marketing strategy based on the theory that certain prices have a psychological impact. Marketers encourage customers to respond on emotional levels rather than logical ones.
For example, setting the price of a watch at $199 is proven to attract more c...
Price Skimming involves setting prices high while competition is low, during the introductory phase. Prices can then be reduced to stay competitive as competition increases.
Make sure overheads are adequately included in the price of products at reasonable sales volumes.
It is much easier to reduce prices in the future than to increase them. Start high and offer temporary discounts.
Keep your pricing system as simple as possible. This will assist with fu...
I am on a personal journey to discover myself and to better understand my role in the universe. To live a good life and to be a good husband, parent and provider. Where possible share the knowledge that I collected.
More like this
Explore the World’s
Take Your Ideas
Just press play and we take care of the words.
No Internet access? No problem. Within the mobile app, all your ideas are available, even when offline.
2 Million Stashers
Don’t look further if you love learning new things. A refreshing concept that provides quick ideas for busy thought leaders.
Best app ever! You heard it right. This app has helped me get back on my quest to get things done while equipping myself with knowledge everyday.
This app is LOADED with RELEVANT, HELPFUL, AND EDUCATIONAL material. It is creatively intellectual, yet minimal enough to not overstimulate and create a learning block. I am exceptionally impressed with this app!
Great interesting short snippets of informative articles. Highly recommended to anyone who loves information and lacks patience.
I have only been using it for a few days now, but I have found answers to questions I had never consciously formulated, or to problems I face everyday at work or at home. I wish I had found this earlier, highly recommended!
Brilliant. It feels fresh and encouraging. So many interesting pieces of information that are just enough to absorb and apply. So happy I found this.
Even five minutes a day will improve your thinking. I've come across new ideas and learnt to improve existing ways to become more motivated, confident and happier.
Great for quick bits of information and interesting ideas around whatever topics you are interested in. Visually, it looks great as well.
Read & Learn
Access to 200,000+ ideas
Access to the mobile app
Unlimited idea saving & library
Unlimited listening to ideas
Downloading & offline access
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates