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Monday, June 1, 2020

Archive for the 'Dynamic pricing' Category

Pricing Strategy: Leveraging customer psychology to maximize average customer value [Video]

MarketingExperiments contributor Linda Johnson has published a new video ‘Pricing Strategy: Leveraging customer psychology to maximize average customer value’ featuring Flint McGlaughlin.In this video McGlaughlin has shared some ways to understand customer psychology and set an effective pricing strategy in your business.Johnson says, “Flint McGlaughlin shares two key factors in pricing strategy — timingandintensity.He explains the importance of using the customer’s maximum moment of motivation (MMM) to get the timing right. A common error marketers make today is to... [...]

Here’re four benefits of dynamic pricing strategy

Dynamic pricing refers to the practice of pricing items at a level determined by a particular customer’s perceived ability to pay.Econsultancy columnist Min-Jee Hwang has shared four major benefits of adopting the dynamic pricing strategy.Hwang says, “It’s not about pricing lower, it’s about pricing more intelligently. Dynamic pricing means pricing according to internal and external variables, such as stock levels and competitor prices. You need timely, accurate data in order to do it right.Dynamic pricing benefits1. Keep up with market trendsRetail moves fast. You... [...]