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The Science of Pricing: Pricing Strategies to Increase Sales
 

The Science of Pricing: Pricing Strategies to Increase Sales

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    The Science of Pricing: Pricing Strategies to Increase Sales The Science of Pricing: Pricing Strategies to Increase Sales Presentation Transcript

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