The Psychology of Pricing: A Gigantic List of Strategies

Welcome to the most comprehensive list of psychological pricing strategies. Whether you’re marketing a new product, selling items on eBay, or negotiating a deal on your house, you’ll learn how to choose a price that will maximize your profit. This article is pretty beastly. To help you find the pieces that are most relevant to you, I recorded this quick video. Table of Contents This article is broken up into four parts, with each part containing various strategies and tactics. Step 1: Determine Your Price Step 2: Influence Their Perception Step 3: Motivate Them to Buy Step 4: Maximize Your Revenue Last Updated: December 14, 2015 Step 1: Determine Your Price Large companies have an advantage. They can afford cream-of-the-crop marketing research (e.g., conjoint analysis) to find the optimal price for their product. Small businesses don’t have that luxury. Fortunately, that’s where psychology can help. Based on research in cognition and behavior, certain prices are more effective than others. Even if you don’t find the exact sweet spot, you can make small — yet powerful — adjustments to maximize the effectiveness of your price. All for free. In this section, you’ll learn how people process #wordpress #smallbusiness #entrepreneur

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