You want to make money. That’s why you run a business. Whether you’re selling a product or a service—you’ll have to put a price on what you’re selling at some point.
It isn’t easy to price something. It’s where a lot of business owners get stuck and put an arbitrary number on their product that just barely turns a profit.
But did you know you can build a pricing strategy for your business that not only increases profits and also helps you sell more?
What Is a Psychological Pricing Strategy?
Simply put, it’s a strategic way to price your products or services to influence people when making a buying decision.
It isn’t clear how psychological pricing came into common use, but we do know that the practice arose sometime during the late 19th century with newspaper pricing competition.
Companies big and small sometimes have teams dedicated to pricing products—and in some cases, a psychological pricing strategy is built in from the ground floor as part of their brand marketing.
Here, we’ll take a look at how Apple has used pricing as a part of their overall marketing and product strategy to land them in the high-end hardware market.
Guys from Shopify sum up with a consumer behaviour of how customer choose a certain product even though the price is not cheapest ones.
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