Method using innovations

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Its essence is simple: do what others do not do. Of course, you can follow your competitors by simply raising prices or otherwise using the usual, but outdated methods. But you can also be creative, try to stand out from the crowd. As the well-known company Rowenta did in its time, releasing iron models with a unique, innovative design to the market.

Yes, even in the iron market, you can win the consumer's attention precisely by changing the design. And this is also one of the elements of pricing psychology.

Rowenta did not spend huge amounts of occupant resident lists money on new advertising, discounts, promotions, etc. It took a different path - it released a product that was not only radically different in appearance, but also not cheap, designed for wealthy buyers for whom the quality and practicality of the product are of primary importance. In addition, such an iron, due to its attractive appearance, can be presented as a gift to friends or relatives.

Rowenta Iron

A method built on competitive advantage
You won't have to rack your brains over pricing if you know exactly what the strengths of your company and product are from the start. Give the consumer clear benefits from working with you, and people will come to you themselves.

What can become such an advantage? Convenient geolocation, 24/7 work schedule, pleasant interior, a large range of goods or services, etc. Here you just need to compare everything correctly and give the consumer prices that he is psychologically ready for.

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Method of offering additional goods (services)
This is also a separate opportunity for additional earnings, and it is necessary to use it as a pricing tool. For example, this is what Gillette did when it began to sell consumables for its razors, which it sold at a price lower than cost. But the prices for replacement blade blocks turned out to be quite high. Or the example with the PlayStation console. The manufacturer did not earn so much on the sale of the consoles themselves, but on the disks for them.

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Alexander Kuleshov
Alexander Kuleshov
General Director of Sales Generator LLC
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Setting the base price
This is when a company produces a mass-market product, and sets prices that are approximately average between the cost price and the price tag that already exists on the market. It is clear that here the profit will depend on sales volumes. In general, this is exactly what always happens when it comes to mass-market products. The company's income grows along with the increase in the number of sales, and due to this, the cost price can be reduced. Therefore, here you should always remember the upper limit of the prices set on the market.

For example, Renault developers were tasked with coming up with a beautiful, good car, and one that would cost no more than 5 thousand euros. The engineers designed the Renault Logan.

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