Pricing Strategy Quotes

“There is a very real danger present when we suppress our feelings to act on inspiration in exchange for the “safety” of the status quo. We risk sacrificing the opportunity to live a more fulfilling and purpose driven life. We risk sacrificing the opportunity to make a difference in the lives of others. We risk sacrificing the beautiful blessing of finding a greater sense of meaning in our own lives.
In short, we run the very real risk living a life of regret.”
― Richie Norton

“Is there a difference in the amount donated—based on the "suggested donation" you list? Desmet (1999 ["Asking for Less to Obtain More." Journal of Marketing Research, 29(4), 430–440.]) found it depends on which suggestions you manipulate. Suppose you have the following "suggested donations":
•$15
•$30
•$50
•$75
•$100

Desmet's research suggests that changing the $30, $50, or $75 will have little effect, but raising the top or the bottom number will have significant results.

In his research, raising the top number led to overall larger donations. Strangely, raising the bottom number led to significantly lower response rates. Why would raising the $15 cause fewer people to donate? The dropoff came from previous donors who had contributed a small amount. Desmet cites an "aversion to the extremes," whereby donors do not want to contribute the smallest or the largest amount on the list.

So adding a $125 choice would increase the number of people who donate $100. But if the lowest number shown becomes $30, then people who donated $30 before would now be donating the lowest amount listed—which they don't want to do. Instead, some of them may choose not to donate.”
― Marlene Jensen, Setting Profitable Prices: A Step-By-Step Guide to Pricing Strategy Without Hiring a Consultant

“Don't fall into the irresponsible trap of setting low prices.

It will kill your business cold.

Low prices attract cheap customers with luxurious demands.”
― Mac Duke The Strategist

“If you don't understand the price of a product, it is definitely not for you.”
― Mofoluke Ayoola

“Don't overprice your products & services just in the name of branding - deliver value!”
― Bernard Kelvin Clive

“If people don't pay for your service, they will play with your service. Price professionally and let them pay”
― Ned Bryan Abakah

“Don't price to please, price to match your performance, experience and worth. For in this is your prosperity assured.”
― Ned Bryan Abakah

“I can picture purchasing a product, such as a vehicle, a bicycle, or even grocery items, and seeing the emissions to produce the item and transport it to its location on its product tag, or by scanning its bar code. Items with top quartile emissions or high ESG performance for the category may have a different color-coded tag. The price tag will become a product tag and information about the item and the producer would be available in its online description,”
― Paul Pierroz, The Purpose-Driven Marketing Handbook: How to Discover Your Impact and Communicate Your Business Sustainability Story to Grow Sales, Retain Talent, and Attract Investors

“You are afraid to charge what you're worth because you're thinking about the people you know.

Your pricing strategy is unconsciously built around your close communities.

Your close community is good for cheerleading but not good for business.”
― Mac Duke The Strategist

“Evaluating long-term relationship objectives with key suppliers is crucial. A thorough market analysis, coupled with strategic mediation to resolve discrepancies, should effectively address pricing issues. This underscores the necessity of robust contractual agreements and the prudence of maintaining backup suppliers to mitigate risks if conflicts escalate into disputes. Additionally, implementing contingency plans ensures that pricing discrepancies are managed effectively, enabling the cultivation of positive supplier relationships while securing fair and competitive pricing.”
― Henrietta Newton Martin,Senior Legal Counsel & Author