Figuring out what to charge for a product or service is one of those tasks that can be overwhelming. Where do you start? Do you charge $95, $97, $99 or $100?
We’ve come across quite a few different articles, posts and resources that talk about the psychology behind people’s buying habits that are really fascinating and that’s what we’re going to share with you in this month’s Small Business Resources.
Derek Halpern has a lot of really great content when it comes to pricing, but this is one video that really struck us as helpful. Check it out and then watch a few other videos by Halpern. Lots of great insight.
This is a LONG article, but it has a lot of really great information. It goes into all kinds of different pricing experiments and their outcomes.
It brings up the same point the Derek Halpern does in the video above, as well as some other great information about people often not going with the cheapest option, about how pay what you wish pricing can work, the importance of anchoring.
( I’d love to hear if you try any of your own experiments or what you think would be worth trying in the comments!)
Do you have any great resources that have helped you figure out how to price your products? Leave a comment and share them with us!