How much product is marked up initially directly affects how profitable your retail business can be. Many retailers swear by tried and true markup models, but it is good practice for any retailer to constantly review current pricing practices to find areas for improvement. I'll be investigating how to do so in a free Psychology of Pricing webinar next week and hope to see you there!
This session will demonstrate benefits of different competitive pricing strategies that you can begin implementing in your store immediately. You’ll discover the three elements that initial markup must satisfy to achieve your profit goals, learn how to effectively use pricing psychology to increase markup, and uncover how cost based pricing can limit your profit potential. Learn how customers conceptualize numbers, why purchases made on emotion should be priced differently, and which words taint customers’ perceptions. Before you price your next batch of inventory, you’ll want to know this information:
- What are acceptable, necessary and healthy markdowns?
- How to avoid unacceptable and excessive markdowns in your store.
- How to properly reduce price on merchandise to maximize profitability.
- How and why to emphasize the amount of saving rather than the price itself.
- The right time of the month to run sales.
- Where to position sale prices in your marketing.
- When displaying sale prices, what colors are best for men and for women?
Learn when to take markdowns and what the root causes for excessive markdowns are. Understand the 8 Truths of Markdowns to improve your bottom line in this free webinar.
The Psychology of Pricing
Tuesday, August 28