Good, Better, Best or three-tiered pricing is not a new concept. Many businesses in diverse industries have been offering 3-4 price levels for years. However, the concept hasn’t reached everyone. This week, Bridget talks about a recent Harvard Business Review Article that tackles the subject. Hear her thoughts on why good, better, best pricing might help your firm garner more profits or bring in more customers.
We all want people to read signs, but often they don’t. This week, Bridget shares five tips to making better signs. Price is an important component of the sign, but price shouldn’t be the headline. Bridget’s research shows that the side of the sign where price appears does matter. So, too, does the other information included on the sign. Benefits should be more prominent than features and having people on the sign also makes a difference.
Later in the sales season, retailers are anxious about moving remaining inventory. Even earlier in the season, some may rush to put items on sale, hoping to lure more customers and generate more revenue and profit. Do you really want to cultivate the price-sensitive shopper? This week, Bridget discusses the implications of putting items on sale and the use of sale signs.
Continuing the discussion on pricing, Bridget addresses how to increase prices. In a recent study with Drs. Marco Palma and Charlie Hall, the team worked with Carol Miller (former editor of Today’s Garden Center and The 10% Project) to show that real garden centers can increase prices and generate potentially more revenue despite selling fewer units. Listen and learn the products that can more easily take a price increase and which products to resist increasing the price.
In this week’s podcast, Bridget continues her discussion of pricing to include signpost items and the numbers used to show price. Signpost items are common products that most people use to make comparisons about retailers, such as a gallon of milk or a four-inch geranium. Retailers can be more competitive on differentiated products, which are not ever signpost items. Learn how to leverage differentiated products in this week’s podcast.
This week, Bridget starts a short 4-podcast series on pricing. The series begins with a discussion about value. Value is a lot like beauty; it depends on the beholder. Today, Bridget will discuss the five components of perceived value and how they feed into setting prices. Struggling with profitable pricing? Listen to this podcast to learn how to increase the perceived value of your products.
Sweden has a mission to soon go cashless and so have some U.S. businesses. How about yours? Do you dare go cashless? In this week’s podcast, Bridget talks about the bold move one Michigan retailer is taking by going cashless. What are the pros and cons for both buyer and seller? Listen this week and find out.