Pricing For Profit!

Copyright © Bill Vannot - All Rights Reserved

http://www.successful-marketing.com

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Are your prices set for success? If you study consumer
psychology, you might run across suggestions that prices
ending with the number "7" can possibly sell more often than
prices ending in other numbers,

One example would be to try pricing something at $4.97 to
possibly make more of an impact, than pricing it at $4.99.
Have you tried this pricing technique? Set up a test and see
if it works better for you. Can a difference of only 2 cents
really make a difference in the sales you stack up?

If you sell higher quality products or services, this could
cheapen your product or service's image, so you should avoid
this pricing strategy for expensive items. If your brand is
solid, your offers can absolutely command and get higher
prices.

You can also try lowering your prices. It could work for
you if your customers buy more than one item from you. It
appears to be more of a bargain if you say $35.00 for one
or $97 for 3 items. It isn't a big saving but it is a bit
more eye appealing. Sometimes, bundling items is a good
idea, at a slightly reduced price.

Creative psychological pricing strategies also include using
a technique that seems to lower the value of your product
or service. Here's an example, if you charge a $400 annual
fee for your service, try offering the same service for
$7.50 a week. It's almost the same price but the weekly
cost of $7.50 seems to look cheaper than hundreds of
dollars.

Test your products and services with psychological pricing.
If it works for you, your sales just might increase!

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