{"id":2265,"date":"2017-03-10T00:57:16","date_gmt":"2017-03-09T19:27:16","guid":{"rendered":"http:\/\/www.intelligencenode.com\/blog\/?p=2265"},"modified":"2026-01-06T14:42:25","modified_gmt":"2026-01-06T09:12:25","slug":"avoid-these-strategic-pricing-mistakes","status":"publish","type":"post","link":"https:\/\/www.intelligencenode.com\/blog\/avoid-these-strategic-pricing-mistakes\/","title":{"rendered":"Be Sure To Avoid These 5 Strategic Pricing Mistakes"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.intelligencenode.com\/blog\/its-all-about-the-pricing-strategies\/\">Pricing strategy<\/a> is rightfully one of the most heavily debated aspects of any business. No matter what your product is or where you lie within your industry, your <a href=\"https:\/\/www.intelligencenode.com\/blog\/define-price-point-push-competitors\/\">price point<\/a> will inescapably be among the biggest questions you have to consider. <\/span><!--more--><\/p>\n<p><span style=\"font-weight: 400;\">Yet, despite the mountains of information out there on the subject &#8212; or perhaps, because of it &#8212; many businesses continue to fall for the same old strategic <a href=\"https:\/\/www.intelligencenode.com\/blog\/7-pricing-mistakes-sure-avoid\/\">pricing mistakes<\/a> in their search for that <\/span><a href=\"\/blog\/is-there-such-thing-as-the-right-price-for-your-products\/\"><span style=\"font-weight: 400;\">mythical sweet spot<\/span><\/a><span style=\"font-weight: 400;\"> that will easily bolster their profits. Let\u2019s delve into some of the most common pricing pitfalls that your business might just be susceptible to.<\/span><\/p>\n<ul>\n<li><b>Setting prices too low: <span style=\"font-weight: 400;\">We know. Conventional wisdom is that the lowest prices will yield the greatest sales, but this often couldn\u2019t be further from the truth. More often than not, companies wind up <\/span><a href=\"https:\/\/www.entrepreneur.com\/article\/196678\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">undervaluing their products<\/span><\/a><span style=\"font-weight: 400;\">, selling them at a fraction of their ideal price points. Sure, revenue may skyrocket initially, but you won\u2019t be able to sustain that level for very long without this approach wreaking havoc on your bottom line. Besides, pricing is one of your greatest tools for shaping your audience\u2019s perception of your product. Going too low can make it unattractive to quality-conscious consumers, implying that it is weaker than its more premium-priced competition.<\/span><\/b><\/li>\n<\/ul>\n<ul>\n<li><b>Basing prices solely on cost: <span style=\"font-weight: 400;\">Of course, you always want your pricing to take into account cost. After all, this is the only way in which you can ensure that you have a reliable profit margin in place for each of your products. However, you need to take a <\/span><span style=\"font-weight: 400;\">larger view of your product\u2019s place<\/span><span style=\"font-weight: 400;\"> in the marketplace. Decide beforehand what role your product will play in your business strategy. It\u2019s never a bad idea to consider multiple variations on key product offerings, each with a part to play in shaping your plans for the future.<\/span><\/b><\/li>\n<\/ul>\n<ul>\n<li><b>Keeping prices the same across the board: <span style=\"font-weight: 400;\">In some circles, it\u2019s known as the <\/span><span style=\"font-weight: 400;\">most common <a href=\"https:\/\/www.intelligencenode.com\/blog\/7-pricing-mistakes-sure-avoid\/\">pricing mistake<\/a><\/span><span style=\"font-weight: 400;\"> in the retail world. Having a single set price for your product seems like a good idea, but in addition to the benefits mentioned above regarding having a variety of options, you can actually use these multiple price points to market directly to consumers, allowing them to play off of each other in a way that can drive sales on all sides. Moreover, there\u2019s the choice to exercise the growing trend of <\/span><a href=\"https:\/\/www.intelligencenode.com\/blog\/dynamic-pricing-disrupting-online-retail\/\"><span style=\"font-weight: 400;\">dynamic pricing<\/span><\/a><span style=\"font-weight: 400;\">, in which prices are able to shift based on a variety of factors directly tied to customer behavior.<\/span><\/b><\/li>\n<\/ul>\n<ul>\n<li><b>Don\u2019t over-complicate pricing: <span style=\"font-weight: 400;\">Getting consumers to overcome their hesitation and settle on a purchase decision is difficult enough as it is without making thing even more confusing. As such, be sure that your price points are <\/span><a href=\"https:\/\/blog.hubspot.com\/blog\/tabid\/6307\/bid\/34118\/7-Pricing-Mistakes-That-Can-Seriously-Stifle-Sales.aspx#sm.00001cnpuoytned46xnxu9e6g80sc\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">as simple as possible<\/span><\/a><span style=\"font-weight: 400;\">. This mindset should apply not only to your offers but also to the way you present each price itself. You wouldn\u2019t think that $150.00 and $150 would make much difference on sales, but research has shown that even these details can directly alter your results. Keep it simple.<\/span><\/b><\/li>\n<\/ul>\n<ul>\n<li><b>Failure to segment your target audience: <span style=\"font-weight: 400;\">If you\u2019re offering multiple products &#8212; or even different variations on the same basic product &#8212; your business is bound to attract a broad spectrum of customers, each group is\u00a0drawn to a different product for vastly different reasons. So it stands to reason that you shouldn\u2019t be <\/span><a href=\"https:\/\/techcrunch.com\/2014\/12\/27\/the-top-ten-pricing-mistakes\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">treating your entire customer base<\/span><\/a><span style=\"font-weight: 400;\"> like it\u2019s one homogeneous blob of consumers. This is no way to provide the personalized experience that today\u2019s customers crave. Take this into account when setting prices and recognize the natural segmentation that will find its way into your target audience when you\u2019re designing your marketing and sales strategies.<\/span><\/b><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Proceed with Caution<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While the pricing missteps outlined above might make you even more wary of taking an experimental stance with your pricing, remember that taking risks is often an effective, highly successful practice. Without mixing it up and trying new ways of reaching your audience, your business is bound to stagnate. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">There may be many noted \u201cbest practices\u201d when it comes to how you should tackle pricing, but don\u2019t ever be afraid to <\/span><span style=\"font-weight: 400;\">explore new strategies<\/span><span style=\"font-weight: 400;\">. You never know what may connect with customers and take your business soaring to new heights. Simply tread carefully, test your ideas before implementation and be ready to course-correct if results prove to be disappointing. The details, as always, are up to you.<\/span><span id=\"hs-cta-wrapper-e9182525-77bb-43e4-8c23-5b91903b485d\" class=\"hs-cta-wrapper\"><br \/>\n<span id=\"hs-cta-e9182525-77bb-43e4-8c23-5b91903b485d\" class=\"hs-cta-node hs-cta-e9182525-77bb-43e4-8c23-5b91903b485d\"><br \/>\n<!-- [if lte IE 8]>\n\n\n<div id=\"hs-cta-ie-element\"><\/div>\n\n\n<![endif]--><br \/>\n<a href=\"http:\/\/cta-redirect.hubspot.com\/cta\/redirect\/857779\/e9182525-77bb-43e4-8c23-5b91903b485d\"><img decoding=\"async\" id=\"hs-cta-img-e9182525-77bb-43e4-8c23-5b91903b485d\" class=\"hs-cta-img\" style=\"border-width: 0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/857779\/e9182525-77bb-43e4-8c23-5b91903b485d.png\" alt=\"A Comprehensive Guide to Competitive Online Retail Pricing Strategies\" \/><\/a><br \/>\n<\/span><br \/>\n<script charset=\"utf-8\" src=\"https:\/\/js.hscta.net\/cta\/current.js\"><\/script><br \/>\n<script type=\"text\/javascript\"><br \/>\n        hbspt.cta.load(857779, 'e9182525-77bb-43e4-8c23-5b91903b485d', {});<br \/>\n    <\/script><br \/>\n<\/span><br \/>\n<!-- end HubSpot Call-to-Action Code --><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pricing strategy is rightfully one of the most heavily debated aspects of any business. No matter what your product is or where you lie within your industry, your price point&#8230;<\/p>\n","protected":false},"author":2,"featured_media":13176,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41],"tags":[567],"class_list":["post-2265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pricing-strategy","tag-pricing-intelligence"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Be Sure To Avoid These 5 Strategic Pricing Mistakes<\/title>\n<meta name=\"description\" content=\"Explore common strategic pricing mistakes such as underpricing, overpricing, ignoring competitor pricing, and failing to understand customer value.\" \/>\n<meta name=\"robots\" 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