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What do you charge for your services? How to get to that price? Did you just randomly chosen? Revised competition? He tried a price until someone bought it? I will share with you 3 strategies of pricing that you can implement in your business. These strategies have been tested and will work for your business to provide the maximum benefit.
# 1 Odd Number Pricing
Have you ever wondered why the night infomercials and some retailers big box like Wal-Mart and Best Buy price of their products with odd numbers? Watch TV or buy at the store and see $ 19.95, $ 29.97, $ 395, etc. Ever wonder why they do it?
The reason: it works to sell more and more items priced. For some psychological reason we think and feel that Odd numbers are less expensive than even the numbers ... although they are basically the same price. We watched and I think $ 29.95 is cheaper and less expensive than $ 30. When in reality, is only a difference of .5 cents!
You can use this to your advantage in the prices of their services ... especially when it comes services of higher prices. Say, for example, has a service that costs $ 5,000. If you were to incorporate the pricing strategy of odd number, you could bump that to $ 4995. A difference of only $ 5, but a huge psychological difference. People think and feel like the $ 4995 price is cheaper than $ 5,000.
This pricing strategy has been tested and works! I can attest to this fact in my own business. Almost all my services to incorporate the pricing strategy of number odd. I've even had people say they can not afford ___ (my price even numbers) only to turn around and say, "very big" in my service number odd! I suggest you try it on your business. Simply, all of the prices you charge a new price and pricing in an odd number. Prices ending in 5, 7 and 9 were shown to be more effective.
# 2 of Discount prices for purchases of multiple units
A pricing strategy is great for providing a small discount if the customer units, once or multiple purchases in advance. For example: A training company may charge a flat fee of 1 session of a hour, but if a customer buys four sessions of 1 hour at a time (and paid in advance) and then receive a slight discount and better treatment. Studies have shown that most opt for the purchase of four meetings against them a la carte.
You can do the same in your business. Massage therapy, training, chiropractic, acupuncture, etc are the major industries of this pricing strategy. People love deals. So this is really a win-win for you and the client. Win for them with the discount and a victory for you with payment in advance and reserved business.
# 3 small, medium and large price packages
Instead of offering customers a service type for a price, consider packaging their services in a choice of small, medium and large ... with a price tag small, medium and large. This gives your customers more options to do business with you and make his services affordable for almost any budget. If a customer really wants to hire you, but simply can not pay the price on either option, you are restraining business. Offering several packages with prices means more people can do business with you.
Of course, how to do this job and you pay for is the smallest package and the price tag, fewer choices the customer receives. Furthermore, I suggest you offer no more than 3 packets (small, medium and large), so they are not overwhelming, and their perspectives of clients with too many options.
I challenge you to apply one or all of these pricing strategies. They have been tested and actually work. Try them and see what works for you. If you are just randomly come up with a price for their services or unproven, method of testing pricing ... I can not guarantee that we are losing a lot of business!
Jeanna Pool is an Author, Speaker and Marketing Consultant who helps solo-small business owners attract more clients on a consistent basis. For FREE small business marketing ideas visit her website at http://www.MarketingThatWorks.com
Tags: catering, equipment, online, professional