Tips For A Successful Pricing Strategy

Tips For A Successful Pricing Strategy

Shop2Grab understand how competition in online business grows tougher and tougher each day, with more brands using smart techniques and campaigns to lure customers to their products, it can be a challenging task to sell your products without having the right strategy in place. In order to ensure the longevity of your business, it is vital to include information about your brand reputation, details of your customer's profile and a comprehensive pricing strategy. Here's a few tips on how to develop a successful pricing strategy for your products:

  • Know your brand reputation and USP
    Understand how your customer base perceives your brand. What would they describe you as? A little research can help you understand their perception of you, your USP and your weaknesses. Work on the grey areas from this research information and strengthen your USP. You also need to understand the kind of products you are selling and keep your strategy focussed, through keyword rich content integration and the use of other tools that help you reach out to your core customer base.
  • Offering discounts 
    Another important way to lure in your customers is by offering discounts. While designing discounts keep in mind that pricing your products too low may set unrealistic expectations from your brand and make your business highly unsustainable. So try and price your products that offer a lesser margin as compared to your competition but do not affect your profits or your business.
  • Incentivising business
    Deploy time based sales to obtain more profit. You will find a lot of competitors putting a timeline to their sales so as to create a sense of urgency in the mind of the customer. You could use ads stating “ Buy 2 and get 50 per cent off” to draw customers’ attention and make good sales during this period. What you need here is a good pricing strategy that allows you to cut down on the price of a product, strategically, without affecting the business and also keeping the customer happy.
  • Diversify
    Keep track on the current happenings in the e-commerce segment by staying alert about all trends. Follow all e-commerce news and check using the Google Analytics tool to understand how your strategies are working on your customers.

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