Use micro-pricing to attract consumers

New Ideas in MarketingEssential news for marketers, summarised by YouGov
May 31, 2021, 5:59 AM UTC

Consumers’ perceived value of products and services can influence pricing.

Creating an apt pricing strategy can help businesses drive the sales of their products and services, while satisfying consumers and maximising profits. Survey customers and gather insights about how they feel about the product, to quantify the true value of products and services and price them accordingly.

Determining the true value of products and services, supported with compelling messages and ads can help brands boost sales. Build a micro-pricing strategy with a reduced price for individual products, compared to bundles and packages to appeal to first-time consumers, and improve their buying experience.

Be ethical in implementing and then discounting from “premium pricing.” This tactic should be used sparingly so as not to condition consumers to never expect to pay full prices.

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