PRICING STRATEGY: How To Find The Ideal Price For A Product

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Күн бұрын

Learn How To Correctly Price Your Products, Increase Product Visibility And Reach New Customers.
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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
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►The Price Is Right: 13 Strategies for Finding the Ideal Price for Your Products bit.ly/3gs2BkT
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Пікірлер: 55

@learnwithshopify Жыл бұрын

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@meganhanson9402 Жыл бұрын

Another great video! I started using someka product price calculator template to calculate my final selling price and I would recommend anyone looking for a tool to calculate an optimal sales price. Thank you for the video:)

@jamesonsahariah4393 3 жыл бұрын

I'm launching my business soon. This video was a must needed. Thank you so much.

@jacobowino2238 3 ай бұрын

Hi. How's the business going?

@dax7192 3 жыл бұрын

Was just thinking about how to price my product Thanks

@natiazakradze4256 Жыл бұрын

Great video! thank you!

@suddude7481 2 жыл бұрын

Just super. Best video on pricing strategy within 15 mins.

@codyvictoria-se4hs Жыл бұрын

Very useful information! Thank you!

@ashokachakaram 2 жыл бұрын

Very well explained.

@jxxwong 3 жыл бұрын

as usual, always learnt something from here❤

@tanchoundhury2183 3 жыл бұрын

Thank you for watching,and showing love! I really appreciate it ❤️🚀for more guidance. And to join my mentorship course. .T•E•X•TW•H•A•T.A•P•P‪ .(:+•1 •2•1•3•7•8•5•7•4•0•3‬•-;)

@SHYAMOLedits 5 ай бұрын

You told us the ways of pricing. Here we are searching for: " How to price a product?" i.e. Which is the best method? Which we should use and when?

@tracycargile429 Жыл бұрын

WOW ! Thanks

@slinkycrown8757 Жыл бұрын

very helpful. thanks

@LSD209 2 жыл бұрын

The best example for the "Loss Leader"- strategy is likely the printer...

@thureintun8957 Жыл бұрын

Very insightful content

@taiwoogunbanjo4836 9 ай бұрын

Thanks for the info. Please video on costing in a manufacturing company

@natashawilliams4902 9 ай бұрын

Thanks for the info going to add it to my agenda asap

@learnwithshopify 9 ай бұрын

You're welcome, Natasha!

@maryka1234 2 жыл бұрын

This was very well explained thank you

@beautifullife8848 2 жыл бұрын

Thank u that mean a lot

@felixkangwa3315 2 жыл бұрын

Thank you...great stuff here

@learnwithshopify 2 жыл бұрын

Thanks for watching!

@rajudesai3069 Жыл бұрын

Great video..

@febyesther1777 Жыл бұрын

Learnt much , thanks :)

@learnwithshopify Жыл бұрын

Glad you found this video useful, Feby!

@muratusta8138 2 жыл бұрын

it is so the impressive presentation for us, it has pleased.

@learnwithshopify 2 жыл бұрын

Thanks for your comment, Murat. We're glad to hear you're enjoying the way we're presenting our videos!

@jimmccarthy3583 Жыл бұрын

This was extremely helpful

@learnwithshopify Жыл бұрын

We are so happy to hear you found our content helpful!

@musafir123 4 ай бұрын

Dont compete on the bases of prices with your competiter but give more values than your competiter

@mistijim Жыл бұрын

Great vid.

@learnwithshopify Жыл бұрын

Thank you for watching!

@silvia_55 2 ай бұрын

What pricing strategy would be most appropriate if the goods in the warehouse are overstocked?

@sitrakaforler8696 2 жыл бұрын

Great content thanks for sharing it ! 👍

@learnwithshopify 2 жыл бұрын

Thanks for watching!

@KS-sb9gm Жыл бұрын

Nice

@musafir123 4 ай бұрын

Decrese price decreses confedence but increse value increses confidence

@Heplaysbass2024 4 ай бұрын

As a middle schooler, im ready to make bank

@sailorjerry3720 Жыл бұрын

Thanks for getting to the points quickly. Could stand a little less time spent on the intro - montage thingy. Time=$

@mystique5113 3 жыл бұрын

Can I combine more than one pricing strategy?

@truct77 4 ай бұрын

Yes, you can probably do a hybrid style of pricing. Implement various pricing models to see what fits for your business.

@momsmushroomsjodyfoster5786 Жыл бұрын

I sell my handmade mushroom tincture and tea at a local farmers market. I've become popular in my area and now a local CBD store wants to carry them. I'm trying to figure out what I would charge for wholesale prices as opposed to hand to hand with my customers? I don't want to lose money or lose this opportunity to get my products on store shelves. Please help

@learnwithshopify Жыл бұрын

Congrats on the success of your business so far! Glad to hear that a local store has their eyes on your products, what a great opportunity! 🙌 Totally understand your dilemma when it comes to setting the wholesale vs retail prices of your products. There is no set or correct answer here, as different businesses require different strategies that best suit their needs. In saying this, at the end of the day you'll want to ensure that you're still profiting, regardless of whether or not the products are being sold at wholesale or retail pricing. To further help, we have a handy blog here: bit.ly/3QcrI9T that explains wholesale vs retail pricing in more detail, which should be able to help you with your own strategy. All the best!

@rahulak6596 Жыл бұрын

How to market my software

@JosephMeng 2 жыл бұрын

My problem is I have a new Shopify dropshipping site, I picked up some products from China suppliers to sell on US market mainly, so I will encounter my potential competitors from amazon FBA, their products logistic fees are more cheaper by sea freight, I need to use air freight to shorten delivery days with obviously higher logistic fees, how can I use competitive pricing to compete with them ? If I use a price of average , I will lose my all profit to sell each product, if I use cost pricing I will lose competitiveness , that’s my Dilemma, anyone can help with a good advice ?

@learnwithshopify 2 жыл бұрын

Hey, there! I understand what you mean, and there's certainly many aspects to consider when setting your product prices. We actually have some helpful documentation on this topic, you can check it out here - bit.ly/3KiIOzX. Have you also considered using a dropshipping app that has warehouses already in the US, which can speed up the delivery times? I found one here that you could check out - bit.ly/3vNxvux.

@no-won Жыл бұрын

Add value through quality interactions, personalized customer service, and honesty about reasons for your product price vs competitor companies product price. Profit/cost pricing is the only sustainable way to do it.