If we asked you who your competitors are, would you know the answer? The answer would probably be something along the lines - companies from the same branch, that are selling similar products at a similar price. That’s correct, but not completely. We can already see...
Did you know that a 1% improvement in price optimization can bring on an average boost of 11.1% in profits? Anyone familiar with this fact is professionally and thoroughly engaged in price optimization. Still, a vast number of businesses are guessing or copying competitors' prices which...
Business owners will tell you that all the phases of running a business can be challenging, but what especially keeps them sleepless is pricing. Or to be more precise - possible pricing mistakes. Pricing analysts are constantly second-guessing themselves. But is it even possible to...
The first association with the adjective “sticky” is usually connected to food (or sticky notes if you are a student), but yes, that’s right, prices can be sticky too. Sticky prices mean exactly what they sound like - they resist moving or changing. Since the...
No matter if you have the best product or service in the world, if you don't have solid marketing and pricing strategies you may be doomed in the current competitive world. When determining a product or brand's offer as a key component of the marketing...
Target return pricing is a strategy that is used to set the product price based on the expected rate of return on the investment. Or in other words, it’s the profit that the firm can expect in the future from a certain investment, such...
When you start to dive into the pricing strategies, it soon becomes a bottomless hole with new strategies popping up one after another. Since you seemed to be pretty interested in our blog post about dynamic pricing, we decided to explain another pricing strategy that...
Retailers today resort to many, what is commonly called, “tricks” in order to attract customers. Some of them seem logical and some counterintuitive, even. To many of you, loss leader pricing may be just one of such “tricks”. But, it’s not a trick at all. It’s...
How would you like to choose the price of products that you’re buying? Well, there are some businesses that are offering just that! Such businesses are based on a “pay what you can” system where customers can choose among a few prices. You might be surprised...
As a retailer, you may often find yourself deciding between different retail pricing strategies. Is it the right time to discount some prices? Or, should you perhaps bundle multiple products together? Maybe even stick to the good old doubling of the purchase price? If you’re dealing with...