LONDON--(BUSINESS WIRE)--Quantzig, a global analytics solutions provider, has announced the completion of their latest article on the five different pricing strategies to increase sales.
All businesses feel that choosing the right pricing strategy for their brand is a very arduous task. A substantial amount of brain-storming and calculations are involved while formulating the price for a product or a service. Organizations estimate various factors such as the costs involved, competitor pricing, ROI, and profit margins to name a few while associating the types of pricing strategies that are best suitable for their offerings. The pricing strategy that you set also has a great influence on the positioning and marketing of your brand. So, it is vital for organizations to carefully assess the different types of pricing strategies and weigh the pros and cons of each before finalizing the most suitable option.
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According to the analytics experts at Quantzig, “Companies evaluate various factors such as the costs involved, ROI, competitor pricing, and profit margin to name a few while comparing the types of pricing strategies that are best suited for their offerings.”
Different pricing strategies to increase sales
- Penetration pricing: Brands make the market entry at a reasonably lower price than the competitors in penetration pricing. These types of pricing strategies are used to appeal to more customers and make the customer shift from present brands existing in the market. Penetration pricing strategies chiefly target price-sensitive customers, whose buying decisions are mainly based on the product prices. Once organizations manage to capture a significantly good market share with penetration pricing, they can gradually start increasing the prices. Request a demo to know more about our portfolio of analytics solutions.
- Price skimming: These pricing strategies are used by firms while entering into a new and exclusive market. In the early stages, the products are priced at the higher end. The whole point behind such pricing strategies is to increase the profits for early adopters before competitors enter the market and make the product more price sensitive. By primarily pricing the products on the higher end, companies can not only recover its development costs but also gives the product an insight into being an exclusive and premium product. Get in touch to know more about the five different pricing strategies to increase sales.
- Price bundling: The buy 1 get 1 free offers in retail stores are very attractive and we all love it. These are types of pricing strategy that are implemented by organizations where one product is united with another product and offered as a deal. These techniques are frequently adopted by retailers as an attempt to clear-off excess stock. Selling products as a deal persuade higher customer purchase and result in faster selling of products.
- Visit our page, to view a comprehensive list of the five different pricing strategies to increase sales.
Quantzig is a pure-play analytics advisory firm concentrated on leveraging analytics for prudent decision making and offering solutions to clients across several industrial sectors.
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View the complete list of the five different pricing strategies to increase sales:
https://www.quantzig.com/blog/5-best-pricing-strategies-business
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.
