Pricing Strategy: How to find the Ideal Price for a Product
In this video, we will walk you through 8 different pricing strategies that will help you decide on how to price a product.
Setting the right prices for your products is a balancing act. A low price isn’t always ideal, as the product might see a healthy stream of sales without turning any profit (and we all like to eat and pay our bills, right?). Similarly, when a product has a high price, a retailer may see fewer sales and “price out” more budget-conscious customers, losing market positioning.
Ultimately, every small business will have to do their homework. Retailers have to consider factors like production and business costs, consumer trends, revenue goals, and competitor pricing. Even then, setting a price for a new product, or even an existing product line, isn’t just pure math. In fact, that may be the most straightforward step of the process.
That’s because numbers behave in a logical way. Humans, on the other hand—well, we can be way more complex. Yes, you need to do the math. But you also need to take a second step that goes beyond hard data and number crunching.
The art of pricing requires you to also calculate how much human behavior impacts the way we perceive price.
To do so, you’ll need to examine different pricing strategy examples, their psychological impact on your customers, and how to price your product.
Here is what we’ll cover in this video:
00:00 Introduction
01:12 Cost-Plus Pricing
01:55 Competitive Pricing
02:46 Price Skimming
03:32 Penetration Pricing
04:49 Value Based Pricing
05:37 Loss Leader Pricing
06:23 Bundle Pricing
06:51 Anchor Pricing
--FREE WEBINAR--
► Marketing is a deep topic. So if you’re interested in learning more, register using the link below to gain access to a free 30 minute webinar that will help you level up your marketing by changing the way you think about your store's marketing funnel. Learn how to go from first day to first sale in this free training course. https://bit.ly/3vun6BJ
-- RESOURCES --
►The Price Is Right: 13 Strategies for Finding the Ideal Price for Your Products https://bit.ly/3gs2BkT
-- FREE TRIAL --
Build your business using a 14 day FREE trial of Shopify , one platform with all the ecommerce features you need to start, run, and grow your business.
► https://bit.ly/2SsF7D3
-- SUBSCRIBE --
Don’t forget to subscribe to Learn With Shopify to get the knowledge you need to start and grow your online business: https://bit.ly/3zt0Viu
Видео Pricing Strategy: How to find the Ideal Price for a Product канала Learn With Shopify
Setting the right prices for your products is a balancing act. A low price isn’t always ideal, as the product might see a healthy stream of sales without turning any profit (and we all like to eat and pay our bills, right?). Similarly, when a product has a high price, a retailer may see fewer sales and “price out” more budget-conscious customers, losing market positioning.
Ultimately, every small business will have to do their homework. Retailers have to consider factors like production and business costs, consumer trends, revenue goals, and competitor pricing. Even then, setting a price for a new product, or even an existing product line, isn’t just pure math. In fact, that may be the most straightforward step of the process.
That’s because numbers behave in a logical way. Humans, on the other hand—well, we can be way more complex. Yes, you need to do the math. But you also need to take a second step that goes beyond hard data and number crunching.
The art of pricing requires you to also calculate how much human behavior impacts the way we perceive price.
To do so, you’ll need to examine different pricing strategy examples, their psychological impact on your customers, and how to price your product.
Here is what we’ll cover in this video:
00:00 Introduction
01:12 Cost-Plus Pricing
01:55 Competitive Pricing
02:46 Price Skimming
03:32 Penetration Pricing
04:49 Value Based Pricing
05:37 Loss Leader Pricing
06:23 Bundle Pricing
06:51 Anchor Pricing
--FREE WEBINAR--
► Marketing is a deep topic. So if you’re interested in learning more, register using the link below to gain access to a free 30 minute webinar that will help you level up your marketing by changing the way you think about your store's marketing funnel. Learn how to go from first day to first sale in this free training course. https://bit.ly/3vun6BJ
-- RESOURCES --
►The Price Is Right: 13 Strategies for Finding the Ideal Price for Your Products https://bit.ly/3gs2BkT
-- FREE TRIAL --
Build your business using a 14 day FREE trial of Shopify , one platform with all the ecommerce features you need to start, run, and grow your business.
► https://bit.ly/2SsF7D3
-- SUBSCRIBE --
Don’t forget to subscribe to Learn With Shopify to get the knowledge you need to start and grow your online business: https://bit.ly/3zt0Viu
Видео Pricing Strategy: How to find the Ideal Price for a Product канала Learn With Shopify
Показать
Комментарии отсутствуют
Информация о видео
Другие видео канала
How To Price Your Products For Profit 💰[Dropshipping]Psychological Pricing Strategies Backed by Research | NamogooIKEA :How to grow sales by 200% using Pricing STRATEGIES?: Business Case StudyWhat is a Unique Selling Proposition? How to Create One (Plus 5 Examples to Inspire You)Handmade Product Pricing Mistakes ❌HOW TO PRICE YOUR INVENTORY SIMPLE & EASY | BOSS BABE | TROYIA MONAYPricing Strategies: Value-Based Pricing (#03)How To Price Your Product | Pricing Strategies For eCommerce and Retail SalesHow To Price Your ServicesHow To Price Your Products: Handmade Business Pricing Formula That Works9 Tips to Optimize Your Product Pages For More Sales (Ecommerce Optimization)How to Find a Manufacturer or Supplier for Your Product IdeaHow to Make Your First Sale: A Marketing Checklist for New Entrepreneurs16 Product Page Examples and Why They Work (Online Store Design Tips)A level Business Revision - Pricing StrategiesSaaS Pricing Models (The Smart Way to Price Your SaaS Business to drive LTV and Net Retention)You Are Pricing Your Product WRONG! How to Determine Optimal Price for ProfitThe Top 7 Shopify Apps to Find and Source Winning Products to SellHow Do I PRICE My Products?! | Pricing for Both Retail and Wholesale Business