Applying pricing psychology could help your business capture substantial profits. We discuss how to leverage pricing psychology and research to get your organization out of cost plus pricing.
On May 4th the Canadian government officially stopped production of the penny, and will now be using “Swedish Rounding”. There may be significant implications for pricing, after all a 1% improvement in price leads to a 12.5% improvement in corporate profitability for the average company.
Cost based pricing is relatively simple. The simplicity of cost-based pricing is what attracts many companies. But we think companies would benefit from slowing down before adopting such a pricing strategy.