PriceBeam

PriceBeam is excited to announce its partnership with Bloomkeys, a leading European consultancy, headquartered in France but conducts business in a number of European markets. 

Being a founder or senior manager in a start-up involves a very diverse set of projects, tasks and challenges. Anything from big strategic thinking over sales, marketing, HR, technology, admin and myriads of other things. So it can sometimes be easy to overlook pricing, even if price is one of the most important decision areas to focus on as a start-up or scale-up. Here are 10 reasons why:

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. 

Price segmentation involves charging different prices to different customers for a product or service that is the same or similar. It is a strategy that is very common as customers will face different prices when going to cinemas or when using vouchers in different shops. The airline industry uses price segmentation effectively all the time as customers rarely pay the same price for a particular seat.

Imagine a product costs £25, some customers may be willing to pay more while some others may find that price to be too much. Firms lose money from customers who won't purchase the product at that price as well as losing money from customers who are willing to pay more. If that company were to segment that price into three categories, £20, £25, and £30, then it can appeal to customers looking for a cheaper product as well as extracting that extra revenue from the customer segment that were willing to pay more for their product. 

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. 

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:

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.