A great and appropriate pricing strategy helps you attract more buyers and turns them into regular customers.

Small Business Trends columnist Larry Alton has shared five pricing strategies to help you increase your revenue.

Alton says, “Pricing is a very psychological thing. Whether you’re selling candy in a convenience store or luxury homes in a hot real estate market, how you price your products will have a very real impact on the way consumers perceive value and associate with your brand.

In 2017 and beyond, you’ll see a lot of competitive businesses implementing the following pricing tactics and trends. Check them out and see if they could work for you.

1. Freemium Model

You’re most likely familiar with freemium pricing, even if you’ve never utilized it. Freemium simply involves offering a free service with the intention of eventually turning that free business into paid business.

“Basically the objective of this model is to get the users hooked to the free product, thereby motivating them to subscribe for the paid plan and also promote the product via word-of-mouth,” marketer Sadhana Balaji notes“.

Apply These 4 Pricing Tactics to Drive Major Revenue

Small Business Trends

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