A Pricing Boot Camp: How to Position Products in a Competitive Pet Market
Mar 19, 2024 1:30 PM — 2:45 PM
In this session, we'll take a deep dive into behavioral economics and pricing strategies. Participants will leave with actionable ideas to enhance margins and expand sales. Among the topics we'll explore:
1. How responsive are buyers to a change in price? When raising prices, you want to be able to identify those products where sales will be least damaged. When having a sale, you want a big buyer response. We'll explore five product features that will help you figure out which is which on your store shelves.
2. How does framing affect sales? Framing is about various ways in which a product's price is presented. We'll explore three aspects of framing that can help raise your overall margins.
3. When are hurdles a good thing? We'll discuss creating hurdles that can help you sell more to some buyers and get higher margins off sales to others.
4. Can you segment your market? Selling everything to everyone at the same price is not always the best way to increase profits. We'll explore how pet firms are segmenting their customers and ways that you can increase profits from doing so.
5. What about nonprice competition? Having the lowest price is not the only way to win customers. We'll discuss other competitive strategies.
1. How responsive are buyers to a change in price? When raising prices, you want to be able to identify those products where sales will be least damaged. When having a sale, you want a big buyer response. We'll explore five product features that will help you figure out which is which on your store shelves.
2. How does framing affect sales? Framing is about various ways in which a product's price is presented. We'll explore three aspects of framing that can help raise your overall margins.
3. When are hurdles a good thing? We'll discuss creating hurdles that can help you sell more to some buyers and get higher margins off sales to others.
4. Can you segment your market? Selling everything to everyone at the same price is not always the best way to increase profits. We'll explore how pet firms are segmenting their customers and ways that you can increase profits from doing so.
5. What about nonprice competition? Having the lowest price is not the only way to win customers. We'll discuss other competitive strategies.