Rewards for Salespeople

Salespeople who are rewarded for the revenues they bring in will always try to discount prices. It’s an easier sell. If you want them to sell value and premium quality, reward them on the net, not the gross. Source: The Tao of Pricing. #pricingpsychology #pricingstrategy #salescompensation #entrepreneurs

Move your price up to a barrier

By moving your price from, say, $95 to $99 (just under the $100 barrier), you’ve added $4 of pure profit with a good chance of not losing a single customer. So says new book 47 Ways to Raise Prices …Without Losing Customers! by Dr. Marlene Jensen. #pricing #raiseprices #entrepreneurship

Product Changes That Allow Price Increases

Need to raise prices? Consider upgrading the look of your website and/or store. Research shows customers are willing to pay more when the look of the establishment is higher end. Details on this and eight other product-change tactics can be found in new book: 47 Ways to Raise Prices …without losing customers. #raiseprices #increaseprofits #pricingpsychologyContinue reading “Product Changes That Allow Price Increases”

COVID-threatened businesses may need to raise prices or die

…and there are 47 different ways to do just that without turning away customers. So says pricing author/researcher/professor Dr. Marlene Jensen in her new book 47 Ways to Raise Prices …Without Losing Customers! It’s for small businesses with shrinking sales and rising COVID costs who are afraid their businesses won’t survive and are sick withContinue reading “COVID-threatened businesses may need to raise prices or die”

Your Name & Reputation

Your name and reputation will have surprising effects on what you can charge for your products. Example: Large discounts will generally INCREASE sales of known brands, but DECREASE sales of unknown brands. Source: The Tao of Pricing. #pricingpsychology #pricingstrategy #brands #entrepreneurs

Respected Brand Name

Fortunate is the marketer with a respected Brand Name. When customers cannot easily judge quality or effectiveness, this marketer can price higher than competitors. Consumer reviews once reduced the value of many brand names by serving as a trustworthy guide. Today, bad reviews matter; good ones appear no longer as trustworthy. Source: The Tao ofContinue reading “Respected Brand Name”

Foolish Discounts

Why give discounts to the very people who’ve shown themselves most likely to pay full price? Foolishness in the name of “customer retention” is still foolishness. Give your customers something else — ANYTHING else — instead. Source: The Tao of Pricing, 2019. #pricingpsychology #pricingstrategy #discountpricing #entrepreneurs