The Science of Pricing: Pricing Strategies to Increase Sales

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Transcript

  • 1. The$cience of Pricing
  • 2. Whats the Best Price for Your Product?
  • 3. The Right Price Will Make You Earn Money
  • 4. The Wrong Price Will Make You Lose Money
  • 5. But...
  • 6. Theres More!
  • 7. There are SecretPricing Strategies...
  • 8. ...that will Increase Your Sales...
  • 9. ...and Your Earning Per Sale
  • 10. 3 AwesomePricingStrategies
  • 11. 1 Decoy Pricing
  • 12. In a study, were offered 3 types ofmagazine subscription to 100 students:web ($59), print ($125), print+web ($125).
  • 13. No one was taking the print only version,so it was removed and the experiment repeated.
  • 14. As a result lessprint+web subscription were sold.
  • 15. Takeaway
  • 16. Offer different options withsimilar (or almost equal)prices for two of them.
  • 17. Of the two, one is a decoy, and the other is the more attractive choice you wish for the consumer to take.
  • 18. 2 Anchoring
  • 19. Researchers invited real experts and undergraduate students to appraise a home for sale.
  • 20. The seller listed his house at different pricesand as a result both students and expertsmade different evaluations.
  • 21. The higher the priced listed,the higher was the evaluation.
  • 22. Takeaway
  • 23. Put very expensive productsnear the productthat you want to sell.
  • 24. 3 Bracketing
  • 25. Tests showed that betweena premium beer ($2,50) and a bargain beer ($1,80)people preferred the premium beer.
  • 26. Adding a third super bargain beer ($1,60), people preferred theoriginal bargain beer ($1,80).
  • 27. Replacing thesuper bargain beer ($1,60) witha super premium beer ($3,40),people preferredthe premium beer ($2,50).
  • 28. Takeaway
  • 29. Include three options,and put the one thatyou want peopleto buy in the middle.
  • 30. Make the luxury option really expensive: some people will buy it, no matter the price.
  • 31. Want More?
  • 32. Want More?Read All the7 Studies [Infographic]
  • 33. Want More? Read All the 7 Studies [Infographic]Click it