The 50 Best Tips

— Steve Leveen, Levenger, “Don’t Be Boring,” January, Catalog Success

✱ Floor pricing.

If you’re attempting to appeal to a price-conscious consumer, floor pricing is the way to go. As the name implies, floor pricing keeps prices at the lower end of the price spectrum. It’s best used when there’s little differentiation between competitors for a particular product. Businesses that can survive on low margins, whether because of high turnover, lower profit requirements or insignificant overheads, are best able to pursue this type of strategy.