How to Set your Pricing Like a Pro!!
Do you want to Surf the Price Board Like a Pro??
How much do you really know about your products’ value?
Here’s a little Self -assessment to mark your Online Store on a scale of 1-6!
If you can answer,…
5-6 Yes = Excellent, Let us help you analyse your potential more!
3-4 Yes= Good , You need to work more effectively!
1-2 Yes= Ooopsie! Your Store needs Oxygen! Help’s just a message away!
(Q1) Do you know your Store’s USP??
If not, then you need to define your USP clearly. Its literally the Vision , Mission , Aim and Objectives of your Store!
This isn’t really gonna be your strategy but for your overall Business goals and future.
If you are unaware of what makes your store a little bit more remarkable than your customers, your customers wont know either!
You can start by Designing your On-site Logo !
(Q2) Do you Offer Incentives to your First time Buyer?
As part of your pricing strategy, so you offer incentives for certain buyers?
Example : offer a social media discount when someone shares the products they are purchasing from on their Facebook page.
(Q3) Do you Test your Pricing Strategy?
Its like testing the waters , literally!
Once you have developed a pricing strategy, you need to test it.To know more on how to Price your products differentially . Refer our Pricing Guide!
(Q4) Do you Diversify product offerings?
Are you seeling your apples and oranges for the same Price?
What I mean by this is ..If you are selling a lot of products on your eCommerce store you need to make sure that you have a variety of different products selling at different prices!
If all the items you are selling are at the same price, a customer will find it hard to trust your judgement, especially if a product is severely overpriced.
(Q5) Do you offer Products Below Market Value?
Selling below market value allows you to offer your customers a discount. Whether this is a 5% discount or a 25% discount, it is still effective. This will give you an edge against your competitors if you are offering the best possible prices, while still making a profit.
(Q6) Do you mark your Competitors?
Football … Anyone?Man To Man Marking Strategy !
If your competitors are successful at their pricing strategy, they are doing something right.
Have a look at how they position their products and offers and apply some of the same strategies to your business.
Don’t just ape what they are doing, make sure it is relevant to your business and make sure you improve the strategy to give you the upper hand.
Don’t Miss Out on the Huge Benefits offered by these little efforts!
Kalpana Dogra
Marketing & Communications @ AvactisNext
[email protected]
