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Price Setting Tips

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    Price Setting Tips

    By Christine Petrie | Articles | Comments are Closed | 1 September, 2022 | 0

    While discounting has its place, even in difficult times, businesses must ensure that they are still covering their costs, which includes a reasonable return for the owners. If discounting to quit slow and obsolete stock, use this opportunity to persuade customers to buy higher margin products as well. Pricing strategies that use ‘loss leaders’ to grow sales require a good understanding of what is important for your target customers and what factors that are critical for profitability. Test the market to see what works, but put time limits on your offers, assess the margin per customer that these sales generate, and adjust quickly to improve returns.

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    Christine Petrie

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