SSActivewear psychology of pricing

Unlock the Psychology of Pricing

Why do so many prices end in .99 cents? Why does it seem like most businesses that offer levels offer 3 options? As a business owner, you know that these pricing trends are no accident. They are a marketing strategy that uses the psychology of pricing to help entice people to buy.

What is the psychology of pricing? According to Wikipedia, it is “a pricing and marketing strategy based on the theory that certain prices have a psychological impact.” In simple terms, this means it’s a pricing strategy that encourages the customer’s brain to think they are getting a deal or a great price. 

Examples of Psychological Pricing

Left-Digit Effect

Let’s use .99 cents as an example. Doesn’t it seem silly to price something at $5.99 instead of $6? What are you really gaining with a one-cent difference? We can tell you that one-cent difference has nothing to do with increasing margins and everything to do with the customer’s perception of the product. 

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5 Reasons Vacation is a Must for You and Your Employees

In the United States, we often labor under the notion that time is money. Sometimes it feels as though the American way is all work and no play, and the statistics back it up. 

To start, the U.S. is the only advanced economy that doesn’t guarantee its workers paid vacation. According to a recently revised report by the Center for Economic and Policy Research, that means 23% of workers have no paid vacation and 22% of workers have no paid holidays. In comparison, the European Union’s Working Time Directive requires its member countries to provide European workers at least 20 paid vacation days a year — something many U.S. workers will never receive. 

Of those Americans who do have paid time off (PTO), more than half leave the time unused. The U.S. Travel Association reported that just last year, 768 million paid vacation days were left behind by employees. Maybe it’s because Continue reading “5 Reasons Vacation is a Must for You and Your Employees”

4 Tips to Get Ahead of Tax Season for Small Business Owners

As a small business owner, you know that every penny counts come tax season. To complicate things further, you’re dealing with changes to tax laws yearly. Although these tax reforms may only impact small businesses minimally, it’s important to be aware of any new tax law reforms and how, or if, they apply to your business. 

For a small business, maximizing deductions and lowering your tax bill can be the difference between a profitable year and another year of scraping by. So, understanding where you can take additional deductions can save you major dollars and headaches. It’s imperative to speak with a tax professional for specific tax knowledge, but in the meantime, these tax season tips can help you get a head start. 

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The 5 Best Role-Playing Scenarios for Sales Team Success

Just as athletes train to perform at their best during practices, so should your sales team. This is where sales role-playing comes in — it’s a crucial and valuable tool with a high learning rate. To help ensure your team’s success, we rounded up five of the best sales role-playing scenarios that provide a low-stakes opportunity to identify strengths and weaknesses among your sales reps. 

5 Effective Sales Role-Playing Scenarios 

1. Active Listening Improv

According to a recent study by HubSpot, 69% of buyers say a sales representative listening to their needs is the best way to make the sales experience positive. In order to tailor a specific sales approach to a prospective client, active listening — not just hearing — is key. 

This exercise will require at least two people and can also be done with a group. Here’s how it works:

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Become a Business Gifting Guru for Your Clients

Fall is nearly here, which means the holidays are right around the corner! Get ready for decked halls, celebratory countdowns and of course, gifting. When it comes to the merry season, your clients aren’t just looking to gift to friends and family, but also customers or employees. In fact, a recent study by Knack shows the corporate gifting market is worth a staggering $125 billion. A thriving market to tap into, now’s the time to channel your inner Santa and become your clients’ business gifting guru. 

Before giving you the inside scoop to steer them in the right direction, let’s go over some important guidelines.

Business Gifting Guidelines

Businesses can use corporate gifting to show appreciation and loyalty, build goodwill and express the value of their relationships. However, before you start shopping, think about these three things:

  • The Relationship: Think about the recipient of the gift to determine an appropriate type of present, regarding the relationship at hand. 
  • The Budget: Check company gifting policies for any budget limits that may be in place. According to the same study above, the sweet spot for many businesses is between $50 to $150. 
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How Do You Say ‘Success’ in Italian, Luca Benini?

Slam Jam: It’s the name behind some of the most notable streetwear collaborations and brands in the industry. So much of what the company does is under the radar, working closely with industry powerhouses, such as Stüssy and Carhartt WIP. But, that’s exactly how Slam Jam’s founder — Luca Benini — likes it. Among many things, the Italian native is known for pioneering streetwear culture in Europe. 

As Slam Jam celebrates 30 years of success, we’re taking a look at one of the most iconic influences in streetwear, the legendary man behind it all and our takeaways for sustaining a successful business based on Benini’s achievements.

Slam Jam and Luca Benini: Celebrating 30 Years of Success 

When Benini was growing up he had two specific dreams: to be a DJ and to sell clothing. In the end, he found a way to do both. 

The Birth and Evolution of Slam Jam

Back in the ‘80s, Benini’s main business became DJing, which fueled his passion for clothing. He quit school to work as a shop assistant, where he would print flyers of his gigs on tees — an early intersection of culture and fashion. 

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