NEW: The Insignificant Increase Pricing Strategy #813
I've just stumbled upon what I reckon might just be a brilliant pricing strategy, all thanks to Netflix.
Netflix have just increase their subscription prices in Malaysia, where I live.
The top tier level will now cost me an extra MYR 10 per month (approx. USD $2.38).
The added benefits, versus the lower tier is the ability to watch on 4 screen simultaneously and access to higher quality/resolution content.
4 screens, I don't need. The Super Duper HD/4K/'whatever the current gold standard is' content, a little interested.
But the simple truth is that I chose the higher tier simply because the difference in price between it and the lower tier was Insignificant to me.
Chances are you could probably apply a similar strategy in your business.
If you offer your customers just a little bit more for an Insignificant Increase in price increase, you might just be surprised at how many people will pay the higher price.
#pricingstrategy #priceoptimization #pricing