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Monday, August 10, 2020

Archive for the 'Pricing strategies' Category

Here’ why your retail pricing strategy needs more attention

Pricing is one of the most important elements that helps you win the customers. You need to give a great product at a competitive rate so that the sales could go on.In retail, you might have experimented different ways to get more sales. Have you been successful with them?If not, Econsultancy has shared six reasons due to which you might not be getting the right results.Min-Jee Hwang says, “Here are some of the most common reasons why your pricing strategy may need an update:1. Working with inaccurate competitive pricing dataHow often are you monitoring and benchmarking against the competition?... [...]

Strategies to negotiate with your prospects

In business a brand aims at earning maximum profit and customers are looking forward to getting maximum discounts. A brand that makes the pricing part a win-win process, wins.HubSpot’s Michaels Pici has shared seven ways you can respond to your prospects when they ask for discount.Pici says, “Promising your prospect a discount before the actual negotiation can have three negative consequences:The buyer subconsciously attributes less value to you and your product. After all, if its ROI is what you claim, why are you so willing to sell it for less?The focus shifts from value to price.... [...]

Econsultancy explains minimum advertised price policies

Product pricing is an extremely important element in the sales process. It helps you get the sales done and win the customer.Econsultancy’s Min-Jee Hwang has shared an useful article on minimum advertised price (MAP) for Internet marketers.Hwang says, “Price fixing has a deservedly negative connotation, and often the term is misused in the context of minimum advertised price (MAP), and other manufacturer price policies.Here’s the lowdown on how they differ, and why MAP is actually beneficial to all parties involved, not just brands.What is price fixing?According to the Federal... [...]

Five tips to decide your product pricing

Pricing is a critical element in generating more sales or getting more customers for the products or a service you offer.Econsultancy columnist Min-Jee Hwang has shared five tips to help marketers decide a right pricing policy for their products.Hwang says, “Your strategy for different categories across your business won’t necessarily be the same. For example, perhaps you are well known for having the best deals on computers and want to implement lower prices to be more competitive on your most popular category.At the same time, you can make back margins on other categories. Because... [...]

Improve your product pricing with these strategies

Price is an important element for the marketers as it represents marketers’ assessment of the value customers see in the product. It presents the value of the product or the service and right pricing strategy can help marketers effectively grow their sales.Entrepreneur contributor Darian Kovacs has shared four psychological techniques to help marketers improve their product pricing.Kovacs says, “It’s no secret that successful marketers employ psychology in getting a sale. Sure, we humans love to think of ourselves as highly rational beings who weigh our options logically... [...]

HubSpot shares 6 tactics to sell expensive products

Pricing is a strategic element in the process of sales and marketing. It is something that most customers care for so you need to be cautious while pricing your products and especially when you are trying to sell expensive products in the market.HubSpot columnist Jeff Hoffman has shared six strategies to help brands and marketers sell expensive products.Hoffman says, “Salespeople who don’t work for the low-cost provider in their arena often struggle with losing deals based on price. Prospects are only human, and no one likes to pay more when they could pay less.While there are certainly... [...]

You can earn more revenue with these pricing strategies

A great and appropriate pricing strategy helps you attract more buyers and turns them into regular customers.Small Business Trends columnist Larry Alton has shared five pricing strategies to help you increase your revenue.Alton says, “Pricing is a very psychological thing. Whether you’re selling candy in a convenience store or luxury homes in a hot real estate market, how you price your products will have a very real impact on the way consumers perceive value and associate with your brand.In 2017 and beyond, you’ll see a lot of competitive businesses implementing the following pricing... [...]