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Latest Pricing Insights

Pricing Innovation Breakfast Meeting on the 24th of April

Posted by PriceBeam on March 6, 2019

PriceBeam will be hosting the Pricing Innovation - Setting the Right Price for New Products or Services event on the 24th of April 2019 in London, England. This event will be looking at insights into pricing innovation and the pricing of new products and services. 

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Topics: Events & Presentations

How to Effectively Implement Price Segmentation Strategies

Posted by PriceBeam on February 22, 2019
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Topics: Pricing, pricing research, segmentation

7 Tips on Price Communication for Businesses

Posted by PriceBeam on February 21, 2019

Communicating the price is an activity that requires a pricing strategy as the pricing strategy chosen is essential to how much profit a company gets. Pricing strategies are important in price communication because pricing strategies require customers to know about things such as buyer psychology. Businesses need to have some sort of guidance on how to communicate price to their clients and or customers on a frequent basis. Price tends to be communicated poorly because businesses understand customers' desire for clarity and certainty as a way of demanding a low price for a particular product or service. Here are seven tips for businesses so that they can improve their price communication methods. 

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Topics: price communication, price positioning

PriceBeam is a Proud Partner of Priskonsulterna

Posted by PriceBeam on February 8, 2019
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Topics: PriceBeam partners

Strategies for Product Lifecyle Pricing

Posted by PriceBeam on February 7, 2019
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Topics: new product pricing, product lifecycle, lifecycle pricing

Anchor Pricing

Posted by PriceBeam on January 22, 2019

Anchor Pricing is the concept of making a product that was first offered seem cheaper when it put alongside another product. An example of this would be initially offering a customer a product that costs 300 GBP but then showing and comparing a more expensive alternative, say 450 GBP to that customer. That first product then acts as an anchor as customers will use that first product as a reference point for selecting a product to purchase. Customers will perceive the price of two products relative to one another, and the customer uses the first product offered as a comparison point for other products as well. 

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Topics: Pricing Psychology

7 Psychological Pricing Strategies

Posted by PriceBeam on January 8, 2019

Implementing psychological pricing strategies can help companies in many different ways. Utilizing and crafting the perfect psychological pricing strategy is essential to convert browsers into buyers. Businesses need to take into account how target customers react to different products and sales. Once this is known, firms are ready to determine a psychological pricing strategy that is best for them. Psychological pricing is useful because it allows businesses to attract customers when they are finalizing their purchasing decisions. Here are seven different psychological pricing strategies that businesses can use:

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Topics: Pricing Psychology

Thoughts on Penetration Pricing

Posted by PriceBeam on January 7, 2019

Businesses may want to reach a large chunk of their respective markets and initiate word of mouth for their product or products. Businesses engage in penetration pricing when they set a low price point for their products and in turn trigger word of mouth and get a wide fraction of the market. This article will examine penetration pricing and help readers understand penetration pricing so that businesses can implement penetration pricing strategies effectively. 

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Topics: Pricing Strategy, price optimization, penetration pricing

Don't forget upcoming Webinar on the 17th: Pricing in New Product Development - From Afterthought to Integral Part of the Process

Posted by PriceBeam on January 2, 2019

If you haven't signed up yet for our exciting webinar on the 17th, there is still time. This webinar is about how to take pricing into consideration sooner in the product development process and thus developing new products or services that better match what the market is demanding and is willing to pay for.

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Topics: new product pricing, price research

Using Prestige Pricing Effectively

Posted by PriceBeam on December 19, 2018

Businesses will spend a lot of time finding the optimal pricing strategy for their products or services. Pricing them too low and businesses can risk undervaluing their products. Utilizing a pricing strategy like prestige pricing can help firms cash in on their products or services. Prestige pricing, or premium pricing, is a psychological pricing strategy that aims to give consumers the impression that the product they are offering is of higher quality simply because its price point is higher. In some cases, retailers may refer to prestige pricing as image pricing as companies want to give customers an image of exclusivity for their products. 

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Topics: Pricing Psychology