The Price is Right. Or Is It??
Pricing your products and services is both an art and a science. Get it right, and you can secure yourself a profitable future. Get it wrong, and you’ll find yourself without orders and going out of business.
Effective pricing is critical to your business success. It plays a huge role in your company’s viability and health.
To that end, what can you do to ensure that your pricing is on target? The answer:
Leverage Your Website to Test Your Pricing
The beauty of your website is that you can make adjustments quickly in order to test multiple pricing scenarios, and fully track, measure and analyze the data to see what pricing works most effectively for your business. For example, the following are possible testing elements:
- Primary offer price
- Pricing for bundles and package deals
- Pricing for upsells
- Pricing for cross-sells
- Percentage discount
- Dollar amount discount
- Membership discount
- Membership privileges
- VIP options
- Discounts for large purchases
- Subscription models
- Free shipping offers
- Headline on the pricing page
- Images on the pricing page
- Calls to Action (e.g., “Buy Now” vs. “Add to Shopping Cart”)
- Limited availability offers (e.g., “Offer good until Saturday”)
- Billing options (e.g., “Bill Me Later”)
Remember, the specific product or service price is merely one variable in pricing. Test multiple variables until you achieve the audience demand and the profitability mix that will fuel your business growth. And given the web’s flexibility, you have the advantage of leveraging your website to fine-tune and fine-tune and fine-tune some more.