Pricing communication shapes the customer’s perception of value.Īnother interesting strategy and something to keep in mind, which can be added to any of the other more in-depth strategies here, is psychological pricing:įreemium is the process of offering a basic product or service for free, while charging a premium for advanced upgrades or special features.If you want to change your prices, you must reframe the product or service, and.In The Psychology of Price, Leigh Cauldwell (behavioural economist and pricing expert) shares two interesting tips that you should keep in mind for any pricing strategy you pursue: These are the top pricing strategies you can consider for your new business, from low-to-higher end of the scale. This article is for those who are ready to take the risk of being different, manage their project to the highest levels, and consider strategies that their competitors haven’t – all in order to rise to the top of the market. When we talk about pricing strategy, for the purpose of this article, we will be talking about innovative strategies you can use to make your business stand out in the industry. With a plan or a vision for what you hope to achieve through your pricing (beyond sales of course), you can take your business to new heights in terms of industry recognition, brand perception and customer preference among other things. Believe it or not, the best businesses don’t just throw a price on their products randomly without any further thought – you're planning for profit, not loss after all.
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