How to set the right price for the product?

Competently formed price of goods sold and its constant updating - the key to successful sales and continuous growth of profits on the background of competitors!

In this connection it is important to realize that:

1.     More than 85% of consumers study the price policy and compare prices in different stores!
2.     60% of customers are ready to buy on any platform (site), regardless of its content and appearance. For them the benchmark is a "good" price.

How to set the right price for the product for maximum profit?

There are 3 key points that need to be addressed in this question:

•     Return on investment. Here it is important to determine the break-even point! In other words, the cost of goods cannot be less than the purchase price and must take into account all costs for transportation of goods, advertising campaign, storage of products, etc.
•     Sales growth. It is important to set the price in such a way that there is a steady increase in sales. For this purpose, the price tag, as a rule, is slightly underestimated.

3 steps to form a correctly set price for a product:

1.     Each product has a recommended price set by its manufacturer - consider it.
2.     Talk to potential customers. Find out how much the consumer is willing to pay for the product.
3.     Study the market, analyze the competitors, and determine the price trend over the last time - all this can be done with the help of specially developed services for price monitoring.

The role of parsers in the pricing of goods

According to studies, about 35% of all products are overpriced (above average market rates). At the same time, advertising costs for these same products account for about one-third of the total budget! This suggests, first and foremost, that the relevance of online prices is largely determined by a properly configured advertising campaign.

Identify your nearest competitors by keywords and use the Helecos price monitoring system for a quick and accurate analysis!

The advantages of automatic monitoring of the pricing policy for business:

1. Ensuring maximum effectiveness of ongoing PR campaigns, promotions, giveaways, etc.
2. Increasing consumer loyalty to your market.
3. Competent pricing, which ultimately maximizes profit.
4. Saves time, money, and labor for manual market analysis and detection of "fair game" violations by your competitors.

Learn more about "Helecos" price monitoring software or get a trial version by calling +38 073 072 1221 (Viber, WhatsApp, telegram).