how much you increase price of product?

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How do you guys usually determine the prices for the product you guys sell? I am planning to increase my prices because my profitsarent great right now. How do you guys know how much increase by without scaring away te customer?
#increase #price #product
  • Profile picture of the author PROmotions LLC
    Trial & Error, check out the competitors and what they are charging, and either make it the same price or a little less.
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    • Profile picture of the author dave_hermansen
      Ideally you are selling products from a manufacturer that enforces MAP pricing. If not, you will have to match the top rankings niche stores within your market if you want to be competitively priced. If you are unable to do so, you may need to consider finding another supplier; preferably, one that's closer to the manufacturer in the supply chain.
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    • Profile picture of the author MelanieandMiles
      Originally Posted by PROmotions LLC View Post

      Trial & Error, check out the competitors and what they are charging, and either make it the same price or a little less.
      This is solid advice... Do as much research as possible and find what you consider to be the average price. Then figure out a way to beat that price and you've got an edge on your competition!

      Increasing your price is more difficult than lowering your price... Also, remember that if you are offering personal service in addition to the product itself you can charge a premium, but you must deliver on the service side of things!

      It is easy to get in a race to the bottom (lowest price wins) but people these days are busy and they want value, not necessarily the lowest price. Sometimes value means a gift box, or a follow-up phone call... There are many ways to stand out like a Purple Cow!
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  • Profile picture of the author timpears
    Best way to do that I think is to sign up with Dave Hermaston's coaching http://storecoach.com/learn-more
    He will show you the way to six figure income in short order. Why he doesn't just build sites, instead of spending his time coaching people is beyond me. Probably just comes from his Christian background.

    Dave didn't try to promote his own service in his post, but I am not ashamed to do it for him. He knows his stuff and helps his students to earn the income they want. So I would sign up with him as soon as you can.
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    Tim Pears

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  • Profile picture of the author gkuang2
    Thanks Tim, I was actually looking around for his site because he has some excellent post on here.
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  • Profile picture of the author ScooterDaMan
    I'm also a Store Coach disciple and make a full time income from my websites. The only thing I would add to "PROmotions" bit is that you need to be make sure you go through the whole checkout process to see the total price. Don't just go by the price you see next to a product. Quite a few websites throw in a little shipping or handling surprise at the end.

    And, like Dave said, just look at the top 4 or 5 websites to determine your prices. There is always going to be someone out there who thinks the lowest price wins (it doesn't) but they are rarely in the top search positions (meaning they don't really matter). Usually, people buy from the site with the most information that seems the most legitimate - even if it costs a couple extra bucks.
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