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Pricing Your Products for Profit
In this video, we'll discuss:
• How product pricing impacts sales
• Basic pricing considerations
• How to price to be competitive

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Hi everybody, I'm Emily.

I've got Joplin here with me today,

and you know, pricing products for your online store

can be really tricky.

You need to be competitive,

but you also wanna make sure that you make a profit.

You price things too high,

your business might never get off the ground.

And if you price things too low,

well, maybe you'll get some initial sales,

but that profit margin probably isn't

gonna be sustainable.

So here are a few things you should consider.

So consider your profit margin.

The cost of production plus

the cost of marketing is gonna be

the actual cost to produce one item.

Yeah, and then you're gonna subtract

the cost to produce one item from the actual

listing price of the item,

and that's gonna be your profit margin.

So now that you have a desired cost

and a profit margin,

start looking around and just see how you compare.

Yeah, you're not only up against other online sellers,

you're up against pricings of

brick and mortar stores, retail shops

that are also selling the same kinds of products,

so make sure you get out there and

see what everybody else is doing

so you know you're being competitive.

How do you want your brand viewed?

Are you gonna be a low cost leader,

or are you gonna offer something different

like better features or a higher quality material?

Yeah, you need to think about comparison

shoppers here, because online,

that's what everybody's doing.

Think about when you search for something,

and the results come up,

and it's just a long line of a bunch of other

people who are selling the same thing.

So your prices either need to be competitive,

and comparable to those,

or like you're saying,

if you want your brand to be viewed as higher quality,

maybe you're doing something handmade,

well then you need to explain why there's

a premium for those products.

Let's take makers, for example,

or people who sell DIY crafts online.

Oftentimes, they undercharge for their products,

because they don't take into account time and overhead.

They're only looking at the cost of the

materials required to make their products.

Right, and what you wanna do is actually get

all the costs of everything,

and then double it,

and that's where the profit margin's gonna come from.

Yeah, and you know, it's not an exact science,

but it's probably a good idea not to guess,

so take some time and think it through,

and make adjustments quickly if you need to.

I'm Emily.

I'm Joplin.

Thanks for joining us.

#howto #build #website #godaddy #onlinestore #webstore #websitebuilder

Published: Tuesday, September 17, 2019 5:08 PM
Category: WebHosting GoDaddy

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