We are all in business to solve problems, add value and make a profit and one of the most important tasks involves pricing your product or service. What's a relatively easy way to effectively price your product or service to increase sales and make more money with little or no effort?
The answer is to use psychological pricing. Psychological pricing is a pricing/marketing strategy based on the theory that certain prices have a bigger psychological impact on consumers than others.
Below are five psychological pricing strategies you could adopt.