PRICING STRATEGY: How To Find The Ideal Price For A Product

Learn How To Correctly Price Your Products, Increase Product Visibility And Reach New Customers.
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In this video we will walk you through 8 different pricing strategies that will help you decide on how to price a product.
Setting the right prices for your products is a balancing act. A low price isn’t always ideal, as the product might see a healthy stream of sales without turning any profit (and we all like to eat and pay our bills, right?). Similarly, when a product has a high price, a retailer may see fewer sales and “price out” more budget-conscious customers, losing market positioning.
Ultimately, every small business will have to do their homework. Retailers have to consider factors like production and business costs, consumer trends, revenue goals, and competitor pricing. Even then, setting a price for a new product, or even an existing product line, isn’t just pure math. In fact, that may be the most straightforward step of the process.
That’s because numbers behave in a logical way. Humans, on the other hand-well, we can be way more complex. Yes, you need to do the math. But you also need to take a second step that goes beyond hard data and number crunching.
The art of pricing requires you to also calculate how much human behavior impacts the way we perceive price.
To do so, you’ll need to examine different pricing strategy examples, their psychological impact on your customers, and how to price your product.
Here is what we’ll cover in this video:
00:00 Introduction
01:12 Cost-Plus Pricing
01:55 Competitive Pricing
02:46 Price Skimming
03:32 Penetration Pricing
04:49 Value Based Pricing
05:37 Loss Leader Pricing
06:23 Bundle Pricing
06:51 Anchor Pricing
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►The Price Is Right: 13 Strategies for Finding the Ideal Price for Your Products bit.ly/3gs2BkT
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[@learnwithshopify]

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[@jamesonsahariah4393]

I'm launching my business soon. This video was a must needed. Thank you so much.

[@jacobowino2238]

Hi. How's the business going?

[@meganhanson9402]

Another great video! I started using someka product price calculator template to calculate my final selling price and I would recommend anyone looking for a tool to calculate an optimal sales price. Thank you for the video:)

[@suddude7481]

Just super. Best video on pricing strategy within 15 mins.

[@jxxwong]

as usual, always learnt something from here❤

[@tanchoundhury2183]

Thank you for watching,and showing love! I really appreciate it ❤️🚀for more guidance. And to join my mentorship course. .T•E•X•TW•H•A•T.A•P•P‪ .(:+•1 •2•1•3•7•8•5•7•4•0•3‬•-;)

[@SHYAMOLedits]

You told us the ways of pricing. Here we are searching for: " How to price a product?" i.e. Which is the best method? Which we should use and when?

[@LSD209]

The best example for the "Loss Leader"- strategy is likely the printer...

[@dax7192]

Was just thinking about how to price my product Thanks

[@julianpaus9517]

Thanks for the vid :) What apps in shopify can u recommend to calculate my products by adding the costs and defining the gross price for b2c and maybe net prices for b2b? Looking for it all the way to have it integrated and not doing all by hand in excel and then pasting it to shopify.

[@natashawilliams4902]

Thanks for the info going to add it to my agenda asap

[@learnwithshopify]

You're welcome, Natasha!

[@musafir123]

Decrese price decreses confedence but increse value increses confidence

[@silvia_55]

What pricing strategy would be most appropriate if the goods in the warehouse are overstocked?

[@natiazakradze4256]

Great video! thank you!

[@Heplaysbass2024]

As a middle schooler, im ready to make bank

[@codyvictoria-se4hs]

Very useful information! Thank you!

[@ashokachakaram]

Very well explained.

[@musafir123]

Dont compete on the bases of prices with your competiter but give more values than your competiter

[@mystique5113]

Can I combine more than one pricing strategy?

[@truct77]

Yes, you can probably do a hybrid style of pricing. Implement various pricing models to see what fits for your business.

[@taiwoogunbanjo4836]

Thanks for the info. Please video on costing in a manufacturing company

[@muratusta8138]

it is so the impressive presentation for us, it has pleased.

[@learnwithshopify]

Thanks for your comment, Murat. We're glad to hear you're enjoying the way we're presenting our videos!

[@sailorjerry3720]

Thanks for getting to the points quickly. Could stand a little less time spent on the intro - montage thingy. Time=$

[@momsmushroomsjodyfoster5786]

I sell my handmade mushroom tincture and tea at a local farmers market. I've become popular in my area and now a local CBD store wants to carry them. I'm trying to figure out what I would charge for wholesale prices as opposed to hand to hand with my customers? I don't want to lose money or lose this opportunity to get my products on store shelves. Please help

[@learnwithshopify]

Congrats on the success of your business so far! Glad to hear that a local store has their eyes on your products, what a great opportunity! 🙌 Totally understand your dilemma when it comes to setting the wholesale vs retail prices of your products. There is no set or correct answer here, as different businesses require different strategies that best suit their needs. In saying this, at the end of the day you'll want to ensure that you're still profiting, regardless of whether or not the products are being sold at wholesale or retail pricing. To further help, we have a handy blog here: bit.ly/3QcrI9T that explains wholesale vs retail pricing in more detail, which should be able to help you with your own strategy. All the best!

[@slinkycrown8757]

very helpful. thanks

[@maryka1234]

This was very well explained thank you

[@jimmccarthy3583]

This was extremely helpful

[@learnwithshopify]

We are so happy to hear you found our content helpful!

[@tracycargile429]

WOW ! Thanks

[@felixkangwa3315]

Thank you...great stuff here

[@learnwithshopify]

Thanks for watching!

[@sitrakaforler8696]

Great content thanks for sharing it ! 👍

[@learnwithshopify]

Thanks for watching!

[@thureintun8957]

Very insightful content

[@febyesther1777]

Learnt much , thanks :)

[@learnwithshopify]

Glad you found this video useful, Feby!

[@beautifullife8848]

Thank u that mean a lot

[@rajudesai3069]

Great video..

[@JosephMeng]

My problem is I have a new Shopify dropshipping site, I picked up some products from China suppliers to sell on US market mainly, so I will encounter my potential competitors from amazon FBA, their products logistic fees are more cheaper by sea freight, I need to use air freight to shorten delivery days with obviously higher logistic fees, how can I use competitive pricing to compete with them ? If I use a price of average , I will lose my all profit to sell each product, if I use cost pricing I will lose competitiveness , that’s my Dilemma, anyone can help with a good advice ?

[@learnwithshopify]

Hey, there! I understand what you mean, and there's certainly many aspects to consider when setting your product prices. We actually have some helpful documentation on this topic, you can check it out here - bit.ly/3KiIOzX. Have you also considered using a dropshipping app that has warehouses already in the US, which can speed up the delivery times? I found one here that you could check out - bit.ly/3vNxvux.

[@no-won]

Add value through quality interactions, personalized customer service, and honesty about reasons for your product price vs competitor companies product price. Profit/cost pricing is the only sustainable way to do it.

[@mistijim]

Great vid.

[@learnwithshopify]

Thank you for watching!

[@iGotNuthin.]

who else in my class is watching this rn

[@iicarlyy9770]

Bruh

[@sabi4397]

Blud

[@bobsalgado2453]

I’m in the shower

[@rahulak6596]

How to market my software

[@KS-sb9gm]

Nice

[@ciowii2811]

There’s people are real monster

[@jaimetorres6881]

Financial modeling