Promotional pricing is a sales strategy in which a business temporarily lowers a particular product or service’s price point to attract prospective customers. In many cases, this lower price orientation creates a sense of urgency that prompts people to purchase before the price goes back up.
Promotional pricing can be a cost-effective and straightforward move to entice new customers and boost sales volume in a short period of time. If you’re reading this, you might be considering implementing promotional pricing into your pricing strategy.
Coming up, we’ll do a deep dive into this pricing tactic, explore some examples, and outline best practices for using it successfully.