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9 types of pricing. Pt.2

Set pricing

What it is: you combine complementary products into sets and sell sets for lower price than those goods separately.

A fast way to get rid of stock leftovers and gain a reputation of a cheap shop. If the price of a set was not calculated correctly, you may lose some money on discounts.

Psychological pricing

What it is: you set a price a little bit lower than on a market in a whole and a person who is acquainted with the market pricing is more likely to buy your goods.

Even small discount gives you an advantage. You must be targeted to people who is well-acquainted with the prices on a market and will notice your good offer.

Premium pricing

What it is: you emphasise exclusiveness and uniqueness of a product by a high price.

High margin. Again, high prices scare away potential customers, so you have to invest a lot in marketing and promotion.

Optional pricing

What it is: you charge extra money for additional options (like seats near the window in lowcosters).

Good revenue without loosing a reputation of a discounter. Not suitable for every business, annoys some clients.

Economical pricing

What it is: you set a low price for your products by reducing the price of producing, packaging etc.

Low price makes your products attractive. Your products are hard to notice as packaging is not very bright and you didn't invest in promotion.

Now you know everything about how to set a good price for your products.

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