06-15-2023, 06:44 AM
Pricing is very important factor that determines the sale. With proper pricing structure, you can drive sales, but how do you determine what is the appropriate price.
One of the major issues regarding pricing is how to sell more and earn higher profits when your competitors are selling the same product for a low price. In other words how to sell your product for $25 when a lot of people are selling for $12.
Your pricing should always be in line with the pricing structure with your competitors. However, you need to understand one simple truth about consumer behaviour, people do not always buy cheaper products, they are also buying better product and they don’t mind paying additional amount for a better product. Therefore, you can still sell your product for higher price if your product has better design and better quality. If you are selling online, how can your customers actually find out if your product is good quality? Well, here lies the importance of getting positive reviews.
One of the major issues regarding pricing is how to sell more and earn higher profits when your competitors are selling the same product for a low price. In other words how to sell your product for $25 when a lot of people are selling for $12.
Your pricing should always be in line with the pricing structure with your competitors. However, you need to understand one simple truth about consumer behaviour, people do not always buy cheaper products, they are also buying better product and they don’t mind paying additional amount for a better product. Therefore, you can still sell your product for higher price if your product has better design and better quality. If you are selling online, how can your customers actually find out if your product is good quality? Well, here lies the importance of getting positive reviews.