Setting a price for your products or services isn’t always as straightforward as it may seem. Because it’s such a major factor in customers’ choices, it’s something you may want to experiment with from time to time. While there’s a lot of guesswork and hit-or-miss attempts that can pay off big or fall completely flat, there are also some solid promotional pricing strategies that have proven effective for many business owners. Here are five of them.
When you own your own business, you’re in a position to make a difference in the lives of others — with your product or service, by creating jobs and by giving back to those in need. Business owners are in a particularly advantageous position to help raise funds for charities, and that’s not limited to big corporations. In fact, about 70 percent of small businesses contribute to charity.
Three years ago, Apple’s then-newest iPhone, the 5S, introduced a feature that had never been seen on a cell phone before – a fingerprint sensor. It was placed on the iPhone as an alternative to the passcode to unlock the device, in an effort to help prevent theft of the highly desired devices, which had reached something of a nadir in late 2013. Apple noted that while a thief could eventually guess a phone’s passcode, it was nearly impossible to replicate a fingerprint to get around the fingerprint sensor (and no, the iPhone fingerprint sensor has not resulted in thieves chopping off people’s fingers to gain access to the device). When Apple Pay was introduced the following year, the fingerprint sensor became an important tool for helping to keep iPhone users’ credit card data secure.