There are two types of businesses in this world – the givers and the takers.
Like humans, givers consider the needs of others first and foremost, while takers plot over how they can maximise their gain.
Singapore is not just a “fried rice paradise”. It is also a “hard sell paradise”.
If you flip through the papers on any single day, approximately 80% of the advertisements scream “DISCOUNTS”, “SALE”, “FREE”, “PROMOTION” and other words aimed at tugging at your wallets. Because we’re such avid bargain hunters, anything priced at the normal rack rates or list price will fail to trigger any immediate (or impulsive) purchase decision.
As I was about to enter my car a few days ago, I spotted this bright colourful flyer on my window.
Courtesy of Rentoid
In an age where anything and everything is trending towards FREE, companies face many increasingly thorny dilemmas on the issue of pricing. What should one charge in order to make a profitable and sustainable living? How can one stand out from other similar businesses using price as a lever? Is there a trade-off between the number of users/subscribers/fans and actual paying customers?