August 26, 2008

Pricing strategies to increase sales

by Brian Turner

Hat tip to SEOblackhat for recently highlighting a great post on SmallBizTrends about pricing: 8 Pricing Strategies you can Implement Right Now.

Some of the pricing strategies are priceless, but the first of the 8 tips especially stands out:

1. The Nine and Zero Effect. People associate the number nine with value and zero with quality. Look at the difference between fast food and a gourmet restaurant. A burger meal can sell for about $4.99 while a gourmet entree at the best place in town may go for $30. So the psychology of pricing isn’t so much about gaining additional sales because the price appears to be lower, it’s about what the price communicates about your offering. So which do you want to communicate? Value or Quality? Now you can price accordingly.

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