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2. Be shrewd about your pricing or you l get closed out of the arena STRONG>. Setting prices is the most challenging part of running your business successfully. You need to be competitive and profitable in the long term, says Certified Management Accountant, Pam Newman, on Entrepreneur.com
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6. Use web analytics to measure and understand consumer buying behavior. STRONG> Consumer buying behavior is evolving very quickly and the rules are constantly changing, notes Paul Mandeville on Chiefmarketer.com (via MultiChannel Merchant.com). Marketers need to quickly adapt and frame new programs that sell to customers the way they want to buy.
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7. Walk softly and carry some tricks. STRONG> There are many techniques and tools for enticing the customer – product promotions, price promotions, free shipping, coupons, social media, advertising, customer affinity programs, specials, testimonials, direct mailings – you may want to use some of them at various times to help your online selling, says eCommerce platform provider, Stephen Schambach in eCommerceTimes.com
5. Be aware that pricing cuts both ways. STRONG> Look for opportunities to raise prices as well as lower them. Navdeep Sodhi of Six Sigma Pricing says to set your prices – neither too high, nor too low, but just right. With pricing intelligence tools, you can decide when, how and if you should lower your prices to compete; or raise them when you see an opportunity where you aren priced high enough.
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3. Stay a jump ahead of your competitors: STRONG> Competitive intelligence (CI) is vital in order to improve company visibility in the market and increase market share, says marketing consultant, Alejandru Draghici. You can build a solid base of information for competitive intelligence by: Collecting data; extracting information; and gaining context for the information. Collecting data can be done in several ways. Web Crawlers systematically search Internet pages and extract content in raw form. Other information sources are: Public websites, News services, Social media, Information services, and market analysts.
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STRONG> If you want to be the last one standing in the arena of online retailing: Be strong. Be prepared. Be strategic. Build a sturdy foundation. Be in control. Know your competition. Do good competitive price monitoring. Set correct prices. But most important of all: Be true to yourself.
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4. Use STRONG > pricing intelligence tools to monitor your competition. STRONG> The pricing software market has been steadily growing as more and more B2B companies discover they can harness the true power of pricing by successfully implementing pricing software across their enterprise, says PROS Pricing Leadership. One advantage of doing business online is price transparency. There are good pricing intelligence tools available to help you. Because of the openness of the Internet, online storeowners can know exactly what their competitors are charging and have complete control over their own price positioning.
1. Have a compelling business strategy. STRONG > A business strategy that clearly defines your objectives and how your company intends to generate positive and profitable results within the markets you serve is essential. (Pricingwire.com) If you don have a strategy, you don know where you re going or what you e doing.
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With the surge of online retailing, the watchword “Location , Location, Location, “has transformed into” Pricing, Pricing, Pricing “with many resources, consultants, and services to help with this subject. And with 78 percent of 1,000 shoppers (in a poll by America Research Group) saying they were more driven by sales than they were a year ago – and online retailing becoming more and more competitive – here are at least 7 things online retailers have to do if they want to compete – and win – in the online pricing arena: