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The price of your product represents the size of a risk someone is going to take by buying.

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.

Do you have any nagging doubts that you might not be getting quite the optimum price for your products or services?  Are you confident you always utilise your skills, expertise and know-how to squeeze out those extra profits for your business?