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Clarity

Nick Perry

Cincinnati, OH

Highly successful marketing and digital strategy professional with a demonstrated history of effectively executing in both B2B and B2C environments. Experience with: Marketing Automation (Marketo, Pardot, Infusionsoft), Pay-per-Click (Google AdWords and Bing), Website Analytics (Google Analytics and Omniture SiteCatalyst), Lectora eLearning, and Moz.com.

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Online Marketing Marketing Strategy Marketing Automation Web Analytics Google Analytics Search Engine Optimization (SEO) PPC Search Engine Marketing (SEM)

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Nick Perry answered

Pricing Psychology: Should I show the best possible prices I can offer as my "list prices" or should I inflate them and offer more discounts?

I agree with what's been said - more information is needed. In particular, the questions of whether you are selling to B2C or B2B, the price points, the product structure, and terms/guarantee. My experience has been that B2C is more price sensitive in terms of using discounts to spur action. In combination with/or instead of discounts, also consider if there are any value ads you can throw in to make the value feel bigger. The value ads can also be taken away/changed to create a sense of urgency. The challenges in the B2B space are a bit different. The prospect may be looking to solve a pain point for themselves or for their team. Depending on the price point, they might also need to get approval from someone else in the company. A lower-priced product/service might be as simple as a credit card swipe, which gives you a shorter sales cycle and make it more transactional. A higher-priced product/service might require corporate buy-in, which means a longer sales cycle and more of an emphasis on ROI. If you product/service is structured with different tiers/options/etc, you can use this to influence activity. Do a google search for "dan ariely pricing" to see more. A final thought is on terms/guarantee. A pay-as-you-go product/service may not need to focus on discounts if the users can try the product.

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Pricing Strategy

Cognitive Psychology

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Member since July 2015