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6 common pricing strategies for small businesses (part 2)
- Price skimming: It refers to when an e-commerce business charges the highest initial price that customers will pay, then lowers it over time.
- Penetration pricing and discount pricing: It’s no secret that shoppers love sales, coupons, rebates, seasonal pricing, and other related markdowns.
- Keystone pricing: It’s when a retailer determines a retail price by simply doubling the wholesale cost they paid for a product to set a healthy profit margin.
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MORE IDEAS ON THIS
Setting the right prices for your products
This 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. Similarly, when a product has a high price, a retailer may see fewer sales and “price out” more budget-conscious customers, losing market positi...
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How to choose a pricing strategy
- Understand costs. If you order products, you have a straightforward answer of how much each unit costs you, which is your cost of goods sold. If you create products yourself, you’ll need to determine the costs of your raw materials.
- Define commercial...
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6 common pricing strategies for small businesses (part 1)
- Cost-plus pricing: You make the product, add a fixed percentage on top of the costs, and sell it for the total.
- Competitive pricing: It refers to using competitors’ pricing data as a benchmark and consciously pricing your products below theirs.
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MORE LIKE THIS
6 common pricing strategies for small businesses (part 1)
- Cost-plus pricing: You make the product, add a fixed percentage on top of the costs, and sell it for the total.
- Competitive pricing: It refers to using competitors’ pricing data as a benchmark and consciously pricing your products below theirs.
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