What's your pricing strategy?

[timothykiko]

What's your strategy? Did you initially set your price lower, only to increase as more people purchased? Or do you simply add a markup to your product cost? please share your thoughts?

 

[IamDonna]

Pricing strategies vary for different niches and your business goals. For example Goal for a new business would be to get more customers with lower profit margins while for an established business would be increasing ROI and minimizing ad spends.

I will suggest you begin with doing competitive analysis for pricing, analyze industry standards and set your pricing accordingly.

Here are a few tips!

Don't set round of prices like sett $19.95 instead of $20
Add only 10-15% markup.
Promote free-shipping include shipping charges in product pricing.
Sell products in bundles to increase AOV.

Best of luck with your Sales

 

[Brill Mindz]

A pricing strategy is a model or approach used for deciding a product or service's best price. You may select prices in order to optimize income and shareholder value when taking into account supply and demand in the market. Prices were just as simple as their description.

 

[OTCommerce]

What products do you sell? For example, for cheap products a large mark-up is usually set, and for more expensive low.