How to set competitive price?

Hey guys.. Can someone give step by steps to set a competitive price for our products especially physical product? Another question is, how or where is the best places to make a price comparisons?

Competitive price is so important to compete with others sellers on the net.

Thanks.

 

You might have to follow the price leader or the company that has strong userbase of the product. Then, compare your product with their. If your is better then price it the same. If your is not better, price it at discount as alternative.

Ok, when you decide to sell it for $100, price it $99.97 or 99.99. (notice the smaller font too). Want to sell at $1000, just price it $999 or $997. Small change looks like a huge discount.

Never price with 0 ending. Buyer doesn't care the last digit much, so set it 7, 8 or 9. That means, 100 buyers, you'll gain $700+. $7000+ for 1000 buyers.

 

You may try to decrease costs and set promotions like quantity discount. Assume that if the price of 1 unit of your products is $1, total price of 10 units should be lower than $10 to give a quantity discount.

It differs the product you sell. You may visit markets where the product is sold.
For price comparisons, please consider quality. Same price for same products generates different selling volume. Because they are not same products, they probably just look like same. The difference is quality. For details, you may check some terms such as total quality management, customer loyalty and marketing promotions.

 

It requires the decision to make the judgment concerning the consumer’s income, business conditions, competitive reactions, cost of the project, and your business goal.