Thursday, May 21, 2015

New Innovative Ways To Set Your Pricing Strategy

I love to read the article of the Neuromarketing blog, because it is always well documented. They have a way to analyze customers that is unique. In this great article, they discuss different techniques to set up a price backed up with scientific data. 

Here we are speaking about how to currently place a pricetag on one article, not the whole pricing strategy that could be applied by one corporation, depending on factors such as margin, competition, impacting customers' decision making for instance.

Better than me trying to explain to you the article, I believe the best for you is to visit the article. Indeed, it gives clear charts and explanation on how they work.

"What the researchers found was that the way the price was expressed “felt right” if it matched the way customers were thinking about the purchase. Rounded prices, like $100, matched purchasing decisions that were driven by emotion. Non-rounded prices, on the other hand, felt better when the purchase decision was a logical evaluation process (cognition)."

Here is the chart which explains how both pricing method works.

This article shows well how complex pricing may be, but also clear and quick tips in order to get great results.