Episode 27: How to Price Your Products - Pricing Strategies Every Seller Should Know
Release Date: 07/30/2021
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Mr Sam Baldwin's Podcast
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Episode 27: How to Price Your Products - Pricing Strategies Every Seller Should Know
Mr Sam Baldwin's Podcast
Want to learn how to price your products? In this video, I will show you two eCommerce pricing strategies that every online seller should know.
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Mr Sam Baldwin's Podcast
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Mr Sam Baldwin's Podcast
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Mr Sam Baldwin's Podcast
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Mr Sam Baldwin's Podcast
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info_outlineWant to learn how to price your products? In this video, I will show you two eCommerce pricing strategies that every online seller should know.
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There is no black and white approach when pricing your eCommerce products. There are a number of pricing strategies that you can choose from but remember that not all will work for your kind of business. You need to consider a few factors and do your homework to decide which pricing methods will work best for you.
In this episode, I will show you the best way on how to price your products and go through two competitive pricing strategies: cost-plus pricing and value-based pricing.
Product Pricing Strategy #1: Cost Plus Pricing
Also called as Cost-Based Pricing, this eCommerce pricing strategy is where you work out your costs and then just add a percentage on top of that.
So here you work out your total cost for the product, which includes the cost of the product from the supplier and any overheads. For example, you might pay your supplier $20 for your product but then the total costs of all your labor, rent, subscriptions and other expenses equal $10 per product. You then add on what’s called a markup, which could be 50%.
So your total cost is $30 and you add 50% which would be $30 x 1.5 = $45
Now you may have already seen something a bit tricky here which is that it might be easy for you to work out your cost to suppliers.
Product Pricing Strategy #1: Value-Based Pricing
Value-based pricing is where you price the product based on the perceived value from customers. This means selling your products based on what customers are willing to pay. Maybe you are selling a bottle of water that costs you $0.10 to produce, but if you’re selling it at a music festival where people are dying to buy water so they’re willing to pay $8 per bottle.
If you used cost-based pricing you’d only sell it for a few cents more than $0.10, but with value-based pricing, you’re now selling it for what the market is willing to pay.
🎥 Watch the full video version of this episode here: https://www.youtube.com/watch?v=ffA27wverW0
🔗Here’s the video on Average Order Value that I recommend in this video: https://www.youtube.com/watch?v=yT-_mEeTgkg&t=0s
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