Quoting prices: a delicate balancing act
What’s the worst thing a dealer can do when quoting a price? Why should “anchor pricing” not be an anchor? Modern Tire Dealer columnist Wayne Williams answers these questions and more in part two of his tire pricing series.
Studies show charging a higher price for one similar item over another usually prompts a customer to make a buying decision more quickly. On the other hand, too many choices with similar pricing cause consumers to defer their decision.
Williams suggests dealers choose the product(s) to recommend and “go for it.” He says: “Differentiate; prepare your price quote(s) on a limited number of products that offer different features and price points.”
That’s just one suggestion for giving customers more value while improving a shop’s bottom line when quoting prices. To find out more, see 'Pricing is a funny thing' in the August print edition of MTD, online or in the digital edition.