Effective and great pricing are the Waterloo of many companies, both large and small. It’s not just about being more affordable than the rest; It’s about presenting the product In a specific kind of light. Free food anyone? It is amazing what you can buy, but not pay for, in the supermarket. So if you want to eat for free, read on.
What does it take to be disciplined? Not much. One simply has to remember the mantra of the bargain shopper, never pass up the opportunity to make a good deal. However, one must realize when a good deal is not a good deal. Not that, it is easy to get caught up in the moment and bring home something that you will never use, with no one you know will ever use and worse yet, which no one you have ever known has ever used.
Just because an item will only cost 50 cents does not make it something that you want to own. The furry white steering wheel cover, which I bought form cents about 12 years ago, is proof that not everything has a valid reason for its existence, especially in my home. I have tried to sell it at flea markets, award it as a prize during our Fourth of July scavenger hunts, and even give it away to relatives. Alas, you might say, “Why not just throw it away?”
Well, then my bargain is no longer a bargain. Secondly, be informed. No, this does not mean that you should know who is seeing whom, which neighbor ‘s dog did its business on your lawn, or who is cheating on their Income tax What it does mean is that you need to do a little research and peruse the local ads for each of the stores that you night have the opportunity to visit.
Knowing which store has the lowest price gives you an edge. Knowing which store tries to beat out other stores and Knowing which store tries to beat out other stores and their lowest prices gives you one step up. It also means that you need to do a little scouting to discover the locations within the store where the clearance or discontinued items are placed. This is often the best place to snag a bargain, and so, it is the place where I start my to snag a bargain, and so, it is the place where I start my shopping excursion first. Occasionally, the stores will swatch their locations of bargains, and you will need to stay on top of It.
Thirdly, be consistent. Buy the sane thing all the time, go to the same store all the time, always pay cash. None to the same store all the time, always pay cash. No. None of these. Consistency is a wonderful thing, but perhaps the most tedious of all. A true bargain shopper must always clip and file coupons. This takes time, but It is worth clip and file coupons. This takes time, but it is worth every penny of it.
Commercials during television shows are becoming increasingly useless. These advertising tidbits are rarely Informative or entertaining. So this a perfect time to dip, sort, and file. Even though It has been said that some people can not walk and chew gum at the same time, we can talk on the phone and clip at the same time. Being consistent also means always taking the coupons with you-even if you leave them In the car, only to retrieve them later.
Fourth, be flexible. This Is the easiest of all. Simply be willing to accept life’s challenges to try a new brand, flavor, size, or store. Clip out the coupon for the product that you have never bought because it is always too expensive. Always clip high value coupons for products that offer some possible value, even if you rarely purchase expensive.
Always clip high value coupons for products that offer some possible value, even if you rarely purchase offer some possible value, even if you rarely purchase them. After all, you might find It on clearance like I did and purchase 52 containers of fruit cup valued at $1.25 each on regular price, but not spend any money.
All work, no play.
Finally, have fun. Sometimes, this is the most difficult of all. There is very little that’s worse to a bargain all. There is very little that’s worse to a bargain shopper, than going out on an excursion to find a great deal and to come home empty handed. To counteract this, one must always remember that the thrill Is In the chase, the must always remember that the thrill Is In the chase, the chase is in the store, and the reward is in the pocketbook.
Remember to keep a positive attitude, and a little something special will generally appear In your path to brighten your day. Now, who is that shopper equipped with a rectangular box full of coupons, walking like she has a rectangular box full of coupons, walking like she has a mission, sporting a glint in her eye, five dollars In her wallet, and a mind set that even the threat of higher gas prices can’t dampen?
How to approach the pricing strategy?
Fortunately, there are plenty of tried-and-tested methods you can use that approach the problem from another angle — psychologically. Here are 5 strategies you can use:
Use Rounded Figures
Some numbers just present themselves well. For example, some ages like 18 and 21 are considered milestone years. The same approach can apply to pricing. Setting a price point of $100 makes the product look exclusive and prestigious it Just feels right, and that’s often enough to provoke a sale. Why it feels right is down to psychology. Rounded numbers are easy to process, and can make it less about handling the price relative to their budget and provoke a more emotionally grounded decision.
For the more budget-minded consumer, setting big round numbers can dissuade them from choosing your product. It doesn’t matter whether it fits in their expected expenditures and budget. That just feels like a big purchase. In this case, It’s up to you to help them make the right choice.
Adjusting the whole number a point dawn — for example, changing $40.00 to $39.93 — is a surprisingly effective method. While customers essentially are spending $40, it doesn’t feel that way. It looks more affordable because the human brain sees $39.99 as a $30 expense, rather than $40. You could take It to the next level and print out the cents part of the price in a smaller font, further enhancing the effect.
Stress on Different Prices
Sales are a great way to get people to buy your product. They think they are getting a better deal than they usually would, which makes the decision economically sound. However, you can take that to the next level and visually stress the sale price. The most common method is by putting the two prices beside each other, with the new sale price in bigger, brighter, and differently colored, font. They will increase purchases because it makes consumers more aware of what exactly they’re getting out of it.
Give Something for Free
“Buy one, get one” deals are fantastic selling tools. Just the idea of getting something for free can generate sales from people who wouldn’t typically purchase your product. Here, the motivator is greed. Greed is powerful and has driven many throughout history to madness. Now, you just need it to generate extra sale. Logic flies out the window when greed is in play. You don’t even need to give them a second item for free. Discounts on future purchases, for example, can have a similar effect. Get creative -there’s plenty of loss leaders you can use to create future business.
Offer Two Differently Priced Products
Comparative pricing is one of the most efficient ways to psychologically affect consumers into buying your product. When offered two versions of your product at the same time, one more expensive than the other, the customer is in front of a positive comparison that has beneficial outcomes for you. Either they see that there’s a cheaper alternative to what they’re looking for and snap or they are more expensive item as higher quality and purchase it. In either event, you’ve made some money.
You can provoke sales through many methods, but how you price your product is often the most important one. That’s why much time goes into figuring out the perfect price point. However, just figuring out a great point is the first step. Adjusting it to use human psychology is the next, and arguably more useful, move.
Thanks for reading. Stay Motivated, Always.