The Science of Pricing

The Science of Pricing sits somewhere between sales, and marketing. It is fair to say that, unless you get your pricing right, no amount of good marketing will lead to effective business growth. The correct pricing strategy is absolutely crucial to business growth, but not always easy to achieve.

Here are some questions I am sure you have considered:

  • If you halved the price of your products or services, would you increase your sales three-fold?
  • Do you have the margin to reduce the price and still make an effective profit?
  • Should you undercut your competitors and ‘sell on value’, or should you increase the price a little and ‘sell on quality’?

All good questions worthy of consideration. Herein lies the Science of Pricing.

Sometimes it is not always the ‘actual price’ selling price that is an issue. It is often the way you introduce or come to your final price that matters. Discount codes, special offers, bundled products, last-minute deals, loyalty rewards are just a few ways to reach a final price to make your customer feel the ‘price is right’ – the science of pricing. So what is the best way of pricing your products and services and how do you determine what is right or best for you?

WizardPricing.com provides you with an amazing way to sell your services and enable your customers to build a price immediately. And that is often the time to close the deal, so Wizard Pricing enables your customer to buy there and then. When customers feel they can build their own price, they are much more likely to buy the service or product. In puts the customer in control of their budget.

But what is the strategy and what is the best price to sell at? In this series of articles about the science of pricing, we will explore some of the most successful tricks large businesses use to sell their products and how you can use their strategy to your advantage.

In the first article we will consider Discount Codes and how they can be used to increase sales.

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