Posts in Product Pricing

3 Amazing pricing psychology tips to try right now

If you are starting a new business or introducing a new product into the market, pricing is a topic that is always on top of mind.

You think, “How to price my product?”

In theory, the pricing formula should be straight forward (see below).

Material cost + Labor cost + Overhead cost = Total cost
Total cost + X% of Desired profit = Product cost

Assuming you zeroed on your product price, there are a few pricing psychology principles that you could embed in your pricing strategy.

So, let me ask you a question,

Have you thought about how pricing psychology can influence your consumers’ buying behavior?

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