If there’s a reason you can maintain a low price easier than your competitors, make sure they know about it. It could prevent their starting a price war. Example: All the PR Walmart sought & received at launch on Walmart’s innovative and cost-saving warehousing … was really just a warning to its competitors. It said,Continue reading “Toot Your Horn to Prevent Price Wars”
Author Archives: Marlene Jensen
“Short” Numbers
Short numbers look smaller — even when they are not. Thus a price of $675.00 looks more expensive than $675. Source: The Tao of Pricing. See also: Pricing Psychology Report. #pricing #entrepreneurs
Relationship Marketers & Pricing
The relationship marketer desires information on customers to better market them in the future. One way to do this: Set prices high and offer discounts for providing more information. Source: The Tao of Pricing See also: 47 Ways to Raise Prices …Without Losing Customers. #pricing psychology #pricing strategy #entrepreneurs
Free Samples
Free samples of compelling products build life-long customers. Examples: Food in grocery stores, free chapters of books, free first novels in a series, or free samples of almost anything used frequently. However… this technique is so powerful society must beware when the product is addictive, e.g., cigarettes and hard drugs. Source: The Tao of Pricing.Continue reading “Free Samples”
Pricing for Business Prospects
If business prospects can accurately measure the the sales your product delivers, give discounts or even a free sample so they’ll try you. Example: A direct-response advertiser will buy frequent ads IF the ads make them money. Show them — with a free ad if necessary — your blog/publication/website will do so. Source: The TaoContinue reading “Pricing for Business Prospects”
Wondrous Rebates
A rebate is a wondrous thing. It lets you discount your price ONLY to your most price-sensitive customers. How? Because only customers worried about the price will take the trouble to redeem one. Source: The Tao of Pricing. See also: 47 Ways to Raise Prices …Without Losing Customers. #pricingpsychology #pricing #entrepreneurs
Negotiating Prices
If you must negotiate prices… consider only price requests accompanied by a signed order for the product at that price. Source: The Tao of Pricing See also: Pricing Psychology Report. #pricing strategy #entrepreneurs
Beware Wily Negotiators
Beware the wily negotiator. Customers who ask for discounts because they don’t need one of your product’s features, should get their discount ONLY for your product WITHOUT that feature. Source: The Tao of Pricing. See also: Pricing Psychology Report. #pricing strategy #entrepreneurs
Something is better than nothing
Receiving something is always more profitable than receiving nothing. Consider this when setting your price on hard-to-sell inventory, remnant airtime or space, or hours you’d otherwise spend contemplating your navel. Source: The Tao of Pricing. See also: Pricing Psychology Report. #pricing strategy #entrepreneurs
More Clever Discounts
Clever are the discounts that commit a customer to you for further sales. Examples: Discounted razors, when you sell razor blades. Discounted ink jet printers, when you sell ink cartridges. Source: The Tao of Pricing. See also: Pricing Psychology Report. #pricing #entrepreneurs