As you may know, pricing operates in complex ways and depends on a bunch of other factors, not only cost and profit. Here are 3 things you should know about prices to boost your sales.
- Pay attention to the way prices are presented. Studies have shown that prices without a sign look less expensive than the same prices but with a sign written next to it. Moreover, be sensitive to the size of the font: the smaller it is, the cheaper your price will look.
- Provide more than one price or one option for your products or services. Try to have at least 3 options and set the price you want in the middle. This will increase your chances to sell your product at the price you want. Beware of offering too many price options, however. Customers may get lost and just choose the cheapest one.
- Don’t reveal your price too quickly. You risk an immediate refusal with the objection “the price is too high”. Take your time to explain to your potential clients what your project is before giving them the price.