When used strategically, psychology pricing focuses on the number and format of prices available in your price list or on your website. It's a way to trigger subconscious responses from customers that help influence their buying decisions. While many businesses use psychological pricing tactics, there are several types across several industries. Research has shown that certain formats can elicit subconscious responses from consumers and encourage purchases. Because they are inexpensive to implement,psychological pricing is a popular method for many businesses across industries.
Read more ...Uber and Netflix are both successful new market entrants in their respective industry space.
Read more ...Loyalty programs are used to reward customer behavior and increase customer engagement. Any customer who has purchased a product once can be considered a loyal customer - those that return for more. Companies who can keep customers loyal are those who use loyalty programs effectively. Loyalty programs can be an effective means of driving customer loyalty and retention, which helps an organization generate revenue, increase referrals and achieve overall growth. These programs typically require less overhead than acquiring new customers and tend to help organizations avoid additional marketing costs in the long-term. Loyalty programs are especially helpful for existing clients, who continue to source products or services from their favorite businesses even after they've made a purchase.
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