What tactics do you use in your pricing strategy? There are various ways, such as running promos like “buy one, get one free,” or branding it into your customers’ minds like “everyday low prices.” Some coupons discount 20% off any item in the store or offer subscription discounts versus buying one-time that you submit at the online checkout. However, I learned that organizations make a common mistake in pricing, and you can use science to correct it.

We discussed the tactics and pitfalls of pricing strategy in a recent podcast. At first glance, the general pricing strategy seems basic: get the highest price possible that sells enough widgets to make an excellent profit. However, it turns out that there is more to pricing than that, and no surprise here, some of that extra bit is psychological.
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