How does Pricing affect Customer's Psychology? So, you thought that determining the price of your products was a very simple task? We are about to change that concept here. In simple terms a product's price is determined on the basis of its manufacturing costs and some profit percentage. But if you want a product to sell in the market then understanding the customer expectations is essential. As one of the leading business consulting firms in USA we believe that best priced products are those that take into account the customer's psychology. So, how does the customer's psychology work in terms of the product pricing? Customer is purchasing a product from with hopes of gaining some benefits and simplifying life. This, in business terms, is known as perceived benefits. And the perceived benefits work in two ways. Firstly, the customer's service expectations go up, more the person has to pay. Secondly, their perception of gain also goes up more they pay. Our understanding while offering business consulting services in USA, makes us believe that most of the time both these perceptions go hand in hand during and after a product purchase. So, when you price a product high you have to be confident about the end deliverable. You are expected to offer superior services. And if you live up to the expectations of the customers they will laud you and even refer other customers. But then high pricing can also be a deterrent. Today's customers want more for less. Here comes your value proposition. You have to explain and show the customers how your level of service and product helps customers. Being one of the famed business consulting firms in USA we have helped businesses drive the point home: good service or product comes at a price! Successful businesses are able to establish the “Price Investment Ratio” (PIR). With more customers understanding your pricing philosophy, your product or service will gain acceptance in the market. Not only this, you can even hike the prices even further!

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