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Topics: new product pricing, product lifecycle, lifecycle pricing
| 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
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
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
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
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
We are excited to announce a new PriceBeam webinar 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
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Topics: price research, dynamic pricing, price optimization, digitalization
If you are based in Brazil and interested in joining a rapidly growing business, then check out our video and Brazilian opportunity:
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Topics: PriceBeam