Pricing strategy can be challenging, complex, and offers no shortcuts. This reality makes “winging it” an enticing option when you don’t know where to begin. But that’s the wrong move to make; smart pricing is deliberate.
In one experiment, researchers gave users a choice of buying a pack of gum or keeping the money. When given a choice between two packs of gum, only 46% made a purchase when both were priced at 63 cents. Conversely, when the packs of gum were differently priced—at 62 cents and 64 cents—more than 77% of consumers chose to buy a pack. That’s quite an increase over the first group.
