If you imagine lets say 10 products. They have all the same price. Which number will be bought first? Probably answer is ...any. And by selling them at same price, you will get the exact profit. What if I tell you that you can sell that 10 products for more than price of 10 together...it is possible...when you apply pricing strategy. Giving discount for some and charge other higher it is one possibility. Customer should be attracted by discounts, but...in this case you need to have variation of the products or services. Lets say you give discount but, you sell something what discounted with your new service. In total it should bring you more profit. New service in this case it is opportunity for you to try something new and progress. That is another advantage. Next case it is when you divide the products on the parts and giving each part separate benefit and extra service. Lets say you sell one product with one extra service, another product with another extra service and another one with totally different service and so on. Each can be varied in price, but in total this should make more money than together. Next thing it is when you adjust prices to make people psychologically react on it. Lets say, for similar product you put different prices, for example for one product you put 4.99 for another 5,99 and you put them in different locations and colour one price in red and another in yellow. Interesting to note, some customers do not care to much about price difference. Another strategy is when you temporary reduce 10% of products and on another 90% you put a little bit up. It also works, like a promotional. Variation...makes customer feel difference and act differently, especially if you have many products, I mean more than 10-20. The next strategy is when you adjust your prices to the situations or events. It is when something happen, you put prices up. And last I want to say that never ever do not do anything in business, if it doesn't bring benefits for you. Remember, you have big personality and time is money, and that money you making...it is actually nothing, because you cant buy back your live. So enjoy what you are doing and love yourself...especially time.
