Every company wants to boost its sales but do you know the price of your product can influence the profit margin? The pricing Technics for online products (สูตร การ ตั้ง ราคา ขาย สินค้า เบื้องต้น, which is the term in Thai) is a complex work. Companies follow different pricing strategies to increase their sales. Pricing is the art of presenting your product as per the service or cost involved in it. If you plan just to put zeros or like throwing a random price, it can bring down your business.
Factors Involved When Pricing Your Online Products
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Business Goals
The first thing you should consider is your business objectives. Your objective will assist you in deciding your targeted customers. Common business goals include boosting sales, Increasing profit margin, promoting business awareness, retaining clients, and generating leads. The different business goals will have different strategies. For example, if your goal is to keep targeted customers, you can add high-quality products and charge high prices to match them.
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Cost Of Production
Pricing can help impress your customer, but you must also consider your profit. So you need to add the manufacturing and shipping costs on the online product you want to sell.
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Positioning
The essential factor is your customer, and you must understand your customer to expand your business. Pricing Technics for online products need clear views like you want to launch only luxury and expensive products or budget-friendly items to cover more customers. Once you finalise your decision, you can start your pricing.
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Analysing Your Competitors’ Pricing Technics
After you analyse your customer’s psychology and set your profit margin, don’t miss to compare the price with your competitors. You should select a higher price than your competitor’s to be safe. If your price is low or high, you need to change your pricing.
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Target Market
Once you have finalised the business goal, you must focus on the market. Suppose you have a dress business; think of the style you can offer at that price point. Communicate with your customer or conduct research to understand their need and expectation from certain products. Make pricing Technics for online products to reach out to more customers.
Final Thoughts
The priority is your customer for any business, so consider their needs and expectations. A price can change your business game, so think about planning your marketing objectives and profitability to decide the pricing of your online product.