Tag: customer acquisition
More on Penetration Pricing
One of the most common examples of penetration pricing is ‘buy one get one free’, where you offer an item free with a related purchase. This tactic works much better than a 50% discount, as the word ‘free’ has a strong psychological effect on consumers. Customers often buy other products to compensate for the discounted one. This strategy is an excellent way to move dead stock and introduce new products. A new product can be linked with a top selling product in a similar category.
What is a marketing funnel and why is it important to your business
A marketing funnel is your secret weapon for building a list of prospects, leads and customers to establish relationships with for years to come.
It is a metaphor for the process of conversion.
How to Implement a Penetration Pricing Strategy in Retail
A successful penetration pricing strategy depends on the type of product or service. Subscription services are a prime example. These businesses capture a large percentage of the market quickly and then raise prices. After a period of time, they retain customers because they offer a great customer experience. However, the line between penetration pricing and predatory pricing is hazy.
How to Convert Leads Into Sales by Understanding the Buyer’s Journey
Defining your buyer’s journey is crucial for the success of your business. It is not enough to focus on converting leads into sales. In addition to knowing which stage of the buying process your prospects are in, you need to know what their objections are
