If The Price Is Right: More Tips On Selling Wholesale Sunglasses (part 2)

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Women Entrepreneurs GROW Global

In our last post, we’ve given you 2 tips on how to come up with a price for your products that will win you customers. Today, we’re giving you 3 more tips in selling wholesale sunglasses!

Be ready to get your game on with these fool-proof tips.

Pricing Tip # 3 Do the math: Cost + Pricing Strategy = Selling Price

Here are 3 of the most common strategies that can help you get the best sale price for your sunglasses:

1. Mark-up Pricing

This method is commonly used in retailing since it allows the business owner to set the profit for each product. It provides high certainty and convenience since it makes use of a mark-up percentage that can be consistently used across a product range. One distinct advantage of this strategy is that it allows factoring in of various expenses including production, operational and advertising costs. However, products may end up with uncompetitive prices.

2. Penetration Pricing

As the name suggests, penetration pricing is used when bringing in a new product into the market. This pricing strategy is commonly observed during the introduction period of products through the use of a special introductory price or offer. Its main objective is to increase the popularity or acceptance of a given product to deliver the long-term goal of having a sustainable income.

By setting a lower price than what is actually intended, one perceived favorable response from the market would be switching to the new product. Long term gains that can be sustained by having a la

3. Psychological Pricing

Bought anything for $ 9.99 lately? What you purchased is a great example of products that adapt the psychological pricing strategy. The aim of this method is to generally reduce or eliminate the barrier perceived by prospective buyers that makes a $ 10 price tag a bit too much when compared to a $ 9.99 selling price. Psychological pricing attracts well customers who are hunting down for great value.

Pricing Tip # 4 Keep your eyes open: Other important considerations

Costs and strategies are not everything. Also take a look at these 3 important factors when working on achieving the right pricing for your goods:

1. Customers

Though suppliers, employees and managers play important roles in making business profitable, customers deserve a special mention since they give the actual incoming. Getting to know them as well as their opinions and preferences is nothing but fitting. You may use simple surveys or commission a third party consulting firm to conduct a market research on your behalf.

Remember that spending a considerable amount of time to know your customers is an investment that keeps on giving.

2. Competition

Stalking your competitors doesn’t always mean waging a war with them. This practice is really helpful in keeping you on top of your game by constantly looking for points of improvement. Aside from the product line up and prices, also take a look at the marketing and advertising strategies used by your business opponents. Being observant can help your business get ahead.

3. Market Outlook

Knowing where the fashion industry is heading can certainly guide you in creating the future of your company. Being familiar with laws and every other factor that can affect your business is the practice of a wise entrepreneur. Don’t miss on growth opportunities by being unaware of your immediate business environment.

Pricing Tip # 5 Follow through: Constantly monitor your prices

Hitting the right pricing scheme doesn’t end in the calculation of mark-ups and profits. Checking the sales performance of every product that you sell on a monthly basis could eat up much of your time but it’s definitely well worth it. This practice can save you from a lot of headache in the long run. Make sure that your little soldiers, in the form of your products, contribute to the achievement of your business financial goals.

Want to learn more about pricing? Visit Inc.com here.

Gotshades.com is your one-stop shop for quality wholesale sunglasses. We also provide you with the best expert tips on running your business so visit us regularly.