Home Based Online Marketing News Pricing For Maximum Profits
- From: Roger Schoenwald <rwspub@xxxxxxxxx>
- To: hbomn@xxxxxxxxxxxxx
- Date: Fri, 31 Aug 2001 05:19:34 -0700 (PDT)
HOME BASED ONLINE MARKETING NEWS
"Information You Need to Help Your Business Grow"
A e-zine publication of
RWS Publishing
Septemer 1, 2001
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Hello Subscribers,
Roger Schoenwald
In Today's Issue
1. Top Ten Ways To Handle Email Overload
2. The One Best Way to Make Money With Affiliate Programs
3. Pricing For Maximum Profits
4. E-Commerce Resources
5. Classifieds
********************
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Affiliate Marketing Article
The One Best Way to Make Money With Affiliate Programs
http://onlinesuccessstrategies.com/affiliate.htm
Internet Marketing Article
Top Ten Ways To Handle Email Overload
http://onlinesuccessstrategies.com/successnet.htm
This Weeks Success Article
Pricing For Maximum Profits
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Copyright © by Gauher Chaudhry, All Rights Reserved
There are four key components of the entire marketing
process. They are known as the 4 P's of marketing.
They are:
1. Product
2. Production
3. Pricing
4. Promotion
I will touch on the importance of assigning the right price to
your product or service. This is one of the most overlooked
aspects of marketing.
Choosing the right price for your product or service is very
important to help maximize your profit potential. Not only
that, but your price can also help people make a judgment about
the quality of your product or service
For example, a company such as Rolex sells their watches for
thousands of dollars. Often this high price is associated with
the prestige of the watch. If they started selling the
Rolex watches for only $99, this would dramatically affect the
perception people would have of these watches.
On the other hand, if you price your product or service too low,
it can give the perception to a customer that your product is
cheap and of low quality. This can results in reduced sales.
Most companies use the bottom-up approach to pricing their
product or service. This means that they take all the costs
associated with the making of the product and then traditionally
mark-up the price a certain percent which is the company's
profit.
Other factors in determining a price is competition, type of
market and overhead costs. some companies deliberately set
their prices high to reap large profits. This reduces their
sales, but give them less customers to work with.
Other companies deliberately set their prices low (even at a
loss sometimes) in order to penetrate the market. They then
offer back-end sales to their established customer base.
There are a couple of methods that you can use to determine the
best price for your product or service.
The first method to determine your optimal price is by sending
out a survey to your present customers. For example, you may be
releasing a new ebook and may not have a clue on what to price
it at.
But since you have 100 customers who have purchased a previous
ebook from your company, you can solicit their opinion on what
they think your second ebook should be priced at.
Send them to the sales page for your second ebook and instead of
including a price, link to a survey that asks a variety of
questions that will help determine the cost of your ebook.
The second method to price your product or service is by
testing. You can create up to four or five duplicate sales
pages with different prices for your product or service on each
page. Advertise each page exactly the same way and view the
conversion ratio from visitors to sales.
By looking at which page converts the most visitors, you will be
able to determine what the optimal price is that customers will
buy your product or service for. However, it is important to
make sure that each ad copy is identical to each other for a
fair comparison.
From what I have read, the best book on the topic of proper
pricing is Ken Evoy's "Make Your Price Sell." Ken covers all
the aspects of properly pricing your product or service in a
step-by-step manner. This is the only ebook that I have come
across that even covers this topic.
The ebook is not that expensive and can make a world of
difference in maximizing your profit potential.
I suggest picking up a copy at:
http://myps.sitesell.com/coolcash.html
Want to read more of my articles?
http://www.freecoolcash.com/articles
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This Weeks E-Commerce Resources
How to Get Your Website Listed on the
Major Search Engines
http://onlinesuccessstrategies.com/marketingtips.com
Web Commerce Today Newsletter
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Get the Best selling books and much more
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Planning Your Internet Marketing Strategy
http://onlinesuccessstrategies.com/amazon.htm
*****
Classifieds
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Why You Should be a Marketing Warrior
http://onlinesuccessstrategies.com/warriors.htm
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ONLINE MARKETING TIPS FOR BEGINNERS:
HOW TO BUILD A PROFITABLE ONLINE BUSINESS IN 90 DAYS..
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(C) Copyright 2001 RWS Publishing
Roger Schoenwald
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