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    1 Reply Latest reply on Apr 9, 2013 3:33 PM by Iron Summit Media Strategies

    There is more to pricing items than plunking on a price

    Moderator Cath Guide

      The Psychology of Price in 4 Steps made me stop and really think about products I purchase.  Did you realize there was a psychology behind pricing?  Steve Stauss shares some of this psychology in his article.  Pricing is not a random thing - well I guess I knew that.  But how does a business owner go about deciding on a fair price to the customer and to the business?

       

      "There is more to setting the right price point than simply determining your target audience." says Steve.  He goes on to share the four-step process to determine the optimum price.

       

      How do you decide on setting prices?  Do you have a formula?  Do you have a tried-and-true method?  Or is this an area you would welcome some information on?  Let us hear how you approach pricing.  And let us (including Steve) hear how valuable this article has been to your and your business.

       

      Cath

        • Re: There is more to pricing items than plunking on a price
          Iron Summit Media Strategies Adventurer

          Our company prices our products on an individual basis. Now, we are a service firm specializing in website design and internet advertising, so you can imagine that each individual project varies from client to client. For a service firm like ours, our pricing strategy is the quote/negotiate method. I think this is pretty standard for this sort of industry.

           

          One thing I will mention is that we do not offer pricing details on our website. For a physical product this sort of this is necessary, but for services I would shy away from this behavior unless it is the standard for your industry. In our specific industry, web design and advertising, indicating pricing on your website might portray you as a "cheap" or "budget" company. If that's the market you're going for, show your cards! If not, keep them hidden up front.

           

          If anyone has and questions about this pricing strategy feel free to message me, we'd be happy to give some advice.

           

          Iron Summit Media Strategies is an Orlando web design and advertising agency in Orlando, FL.