What do you charge for your services? How did you come up with that price? Did you just randomly choose it? Checked out the competition? Tried an amount until someone bought? I will give out 3 pricing strategies that you can implement into your business. These strategies have been proven and they’ll work for your business to bring you maximum profits.
1 Odd Number Pricing
Have you ever wondered why night time infomercials and some big box retailers such as Walmart and Best Buy price their products with odd numbers? Watch TV or shop at the store and you’ll see $19. 97, $29. ninety-seven, $395, etc. Ever wonder why they do this?
The reason: it works to sell more and more costly items. I really enjoy seeing, psychologically we think and think that odd numbers are less expensive than even 출장마사지 numbers… even though they’re this is the same price. We look at $29. 97 and think it’s cheaper and less expensive than $30. When in reality, it’s just a difference of. 5 cents!
You can use this in your favor in pricing your services… particularly when dealing with more costly services. Let’s say for example you have a service that costs $5, 000. If you were to add in the odd number pricing strategy, you could ball that down to $4, 995. An improvement of only $5, but a huge psychological difference. People will think and feel like the $4, 995 price is cheaper than $5, 000.
This pricing strategy has been proven and it works! I can verify this fact in my own business. Just about all of my services incorporate the odd number pricing strategy. I have even had people say they could not afford _ (my even numbered price) just to turnaround and say, “okay great” to my odd numbered service! It is advisable to try it in your business. Simply, take all of the prices that you charge and re-price them into odd number pricing. Prices ending in 5, 7 and 9 have proven most effective.
2 Discount Pricing for Buying Multiple Units
A great pricing strategy is to provide a slight discount if a client purchases multiple units a one time or in advance. For example: A business coach may charge an appartment rate fee for a 1-hour session, but if a client purchases four, 1-hour sessions at one time (and pays upfront) chances are they get a slight discount and better deal. Studies have shown that most will pick the four sessions versus buying them a la carte.
You can do the same in your business. Therapeutic massage, coaching, chiropractic, acupuncture, etc. are great industries for this pricing strategy. People love deals. Which means this one is really a win-win for you and the client. Win for them with the discount and a win for you with in advance payment and reserved business.
3 Small, Medium and Large Package Pricing
Rather than offering your clients one type of service for one price, consider packaging your services into a small, medium and large option… with a small, medium and large price tag. This gives your clients more choices to buy from you and makes your services affordable for almost any budget. If a client wishes to hire you, but simply cannot afford your one price and one option, you’re turning business away. Offering a few packages with a few prices, means more people can buy from you.
Of course the way to make this work and profitable for you is the smaller the package and price tag, the less options the client receives. Also, I would recommend offering no more than 3 packages (small, medium and large) so you are not overwhelming your prospects and clients with too many options.
I challenge you to implement one or all of these pricing strategies. They’ve been proven and really work. Test them and see what works for you. If you’re just randomly coming up with a price for your services or have no proven, tested method for pricing… I can guarantee you’re losing a lot of business!