1 – Identify the key products or Best Sellers and establish a price strategy trying to position yourself competitively and even, if possible, among the cheapest. This may sound logical, but it is worth sacrificing part of our profits and gaining market share so that our brand is known.
2 – Control the cheapest competitor in order to know what is behind their strategy, since it may be due to a high availability of stock, a promotion, or a specific liquidation. This should be clear to know and know who our possible target is and monitor it.
3 – Follow up constantly, not only of the prices of each competitor but of their stock, since if we have and know what their stock is, we can in one way or another take advantage of their “out of stock” or even our superiority in stock to launch offers when others cannot. do it.
4 – Never lower the price of your products excessively as this can be very detrimental to you and your brand in the future. The idea is always to have a strategy focused on key products and always with a logic and strategy focused on your competitors. In price strategies, being the cheapest does not always mean being the one that sells the most (or the one that earns the most).
5 – Make promotions and discounts It is one of the most used options, not only to relaunch our brand and make ourselves known, but also to combat possible seasonality or even gain market share in a specific season against other competitors. At this point it would be very convenient to know the stock or availability. of our competitors’ products to strengthen any promotion or discount.
6 – Mark a strategy with psychological prices in this way and having available the prices of our competitors to get the customer to opt for one price rather than another.
The psychological pricing strategy seeks to get the consumer to opt for an emotion when seeing a reduced price.
These tips can be very useful and with them you can begin to set competitive prices, although these are only certain variants and points to take into account since the market and prices undoubtedly require constant exercise and incessant analysis in order to win. market share.
That is why simply keeping track of all these parameters can lead to a huge investment of time and even fall into a lack of control.
From Flipflow we can help you and put at your disposal our price, catalog and stock monitoring tool with which you can solve everything related to your price strategy and you will be able to compete day by day without having to waste your time with surveillance or check-ups. manuals, as well as having absolute control of what is happening on any website or marketplace, even those that are beyond your reach.
