Every item has a price and that is a critical part of a sales conversation. Often times, the price is what makes or breaks a potential sales deal. In this post, I will outline a few sections of an article I recently read on how different pricing strategies affect sales.<\/p>\n
The first strategy has to do with price similarity. An experiment was run where people were given the choice of buying a pack of gum or keeping the money they were given. They had to choose between 2 different packs of gum at the same price. The study showed that only 46% of customers bought the gum when the two packs were the same price. In another round of testing, they priced the one pack slightly higher than the other pack. The study showed that 77% of people purchases the gum when there was a price difference. I think this is very relevant on the topic competition. If you are selling a product that is identical to another, there needs to be some sort of differentiating factor. That differentiating factor can often times be price.<\/p>\n
The second strategy is on what number to end your price in. Oddly enough, ending a price in the number 9, will outperform a lower price. One of the most common uses of this trick is running a sale and reducing the price down to a number that ends in 9, for example: “Was $100, now just $79”.<\/p>\n
The last strategy I am outlining is called price anchoring. A consumer tends to base their information off of the first thing that they see. So if you put a cheap watch next to a very expensive one, the buyer will keep going back to thinking about the watch that is cheaper when they are trying to make their decision to go with a potentially more expensive option.<\/p>\n","protected":false},"excerpt":{"rendered":"
Every item has a price and that is a critical part of a sales conversation. Often times, the price is what makes or breaks a potential sales deal. In this post, I will outline a few sections of an article I recently read on how different pricing strategies affect sales. The first strategy has to […]<\/p>\n","protected":false},"author":3123,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11438","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/gccwebsites.com\/startupsales\/wp-json\/wp\/v2\/posts\/11438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gccwebsites.com\/startupsales\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gccwebsites.com\/startupsales\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gccwebsites.com\/startupsales\/wp-json\/wp\/v2\/users\/3123"}],"replies":[{"embeddable":true,"href":"https:\/\/gccwebsites.com\/startupsales\/wp-json\/wp\/v2\/comments?post=11438"}],"version-history":[{"count":1,"href":"https:\/\/gccwebsites.com\/startupsales\/wp-json\/wp\/v2\/posts\/11438\/revisions"}],"predecessor-version":[{"id":11439,"href":"https:\/\/gccwebsites.com\/startupsales\/wp-json\/wp\/v2\/posts\/11438\/revisions\/11439"}],"wp:attachment":[{"href":"https:\/\/gccwebsites.com\/startupsales\/wp-json\/wp\/v2\/media?parent=11438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gccwebsites.com\/startupsales\/wp-json\/wp\/v2\/categories?post=11438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gccwebsites.com\/startupsales\/wp-json\/wp\/v2\/tags?post=11438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}