Many of us use hard and fast formulas to provide pricing for our products or services, while others consider pricing a variable that we adjust on the fly. Regardless of which school you fall into, here are five ways you can use pricing to close a deal.
- Offer a smaller, more inexpensive offering to build initial trust. This can be a subset of one of your products or services, or a completely new, but smaller offering.
- Offer a name-your-own-price offer. The customer provides the price they are willing to pay and you provide the product or service quantity/quality based on their dollars.
- Offer a special price as an opportunity to test the market. You might offer this price only to the first five or ten customers.
- Offer a lower price with the reason of pushing excess inventory. You might want to get rid of inventory that will become obsolete, or maybe you’re just pushing it so you can restock.
- Offer to charge less for their first purchase if they sign to become a repeat customer. But be sure that you’ve got an agreement as to what the ongoing sales level will be.