consider prestige pricing strategies Recent research found that 60% of retailers view higher margins as a top priority. This may not be surprising for retailers, or perhaps any business, given how tight margins are in 2018 and the direct relationship between margins and profitability. The question remains, however, how do businesses increase their margins? One […]

consider prestige pricing strategies Recent research found that 60% of retailers view higher margins as a top priority. This may not be surprising for retailers, or perhaps any business, given how tight margins are in 2018 and the direct relationship between margins and profitability. The question remains, however, how do businesses increase their margins? One option is to cut costs and another is to increase prices. This is the second of five thoughts addressing the latter. Most marketers and, I suspect, most consumers are familiar with pricing strategies built around the number ‘9’. Many products are sold for 99 cents, $9.99, $99.00, or $999.00 etc. The fact is, there is also a truck-load of research to suggest that the use of the number ‘9’ in prices in this way works. It does make people view a good or service as being cheaper. Due to some unconscious quirk of the human…