Easy eCommerce Pricing Strategies to Implement for Your Business

When determining prices for towing fairfax va services or an eCommerce store, you are likely to consider traditional methods such as markups, anchor as well as luxury pricing. There is absolutely nothing wrong with any of these strategies. However, these three methods are not only the strategies you can use, as far as pricing for your business is concerned. If you are willing to accommodate change and shake things a little bit, there are other important strategies you can apply as well, which include the following.

Free

Well, everyone will say free is not a price. How can anyone make money by offering products or services free of charge? Well, there is more than it looks. People will show up when free stuff is mentioned. Even buyers who have never heard about your store and have no intention of purchasing from you will stop by for at least a few minutes to browse from your catalog. You can have inexpensive stuff listen on your site for free, that comes after a customer makes an accompanying purchase. Free is a great way to get eyes on your brand and your products. You need to understand that offering everything for free is full madness. Once a buyer gets to your site, introduce them to everything you sell then go for upselling and cross-sell. A couple of things you can offer for free include; free samples, software, accessories for larger products as well as basic services.

Pay what you want

Making an offer probably sounds like the strategy we have just discussed above. However, there is a difference. As with an auction where the buyers make bids for products, the make an offering model builds in a reserve price. In other words, buyers are free to offer well under market value, for your products. However, that doesn’t mean they will get to take them home. You control the smallest amount you will take and let buyers pay more if they want to. This particular model also tends to gain a lot of traction through word-of-mouth marketing. Even when buyers meet your price expectations, they will feel like they got a great deal because they had a say in the price they paid.

Make an offer

Another strategy that can be applied is to pay what you want. With this strategy, you allow customers to take advantage of the pricing structure to walk away with products at ridiculously low prices. However, you will encounter consumers who will take advantage of your pricing strategy no matter what you do. If that is the case, how will you benefit when you introduce this pricing model? With no real benefit in revenue, why would a company choose to allow buyers to pay what they want for the products they want? Studies have shown that this pricing model results in a lot of free marketing through a word of mouth. That alone is an excellent and enough reason to give this model a try. Products that works well with this model includes music, movies, books, apps as well as software.

A Guide to Crisis Management in Business

A business crisis is an event that has some potential to threaten the success and health of a company such as lawn care, by tarnishing its reputation. It can tarnish a business, its operations, and harm the finances of a business. It can harm employees as well. A business crisis can be caused by anything internal or external.

Crisis management is the process of preparing for and managing any disruptive or unexpected emergency that can affect a business, employees, stakeholders as well as customers. In any public relations, it is important to develop a crisis management plan.

When it comes to crisis management, you need to have a plan that includes the following;

Pre-crisis

The first step in crisis management involves preventing any potential crisis. It involves creating a crisis management plan, hiring and training your crisis management team, and conducting practice exercises for implementing your plan. Another important step is drafting a crisis communication message that you will relay in times of crisis.

Crisis Management and Response

The second step in crisis management involves what you will likely consider when you think of crisis management. It involves the process of dealing with and responding to different stages of the crisis. It is a stage when crisis management is put into action. The initial crisis management plan is put into action.

Post Crisis

When a crisis passes, your crisis management work is hardly finished. You must remain in contact with your employees, customers, and stakeholders and remain available to answer questions. It is also a good approach to send proactive updates to all parties involved.

You will need to work with your crisis management team to review and analyze your crisis management plan and evaluate if it played well as expected during the real emergency time. Did your audience have any lingering questions or concerns that you neglected to answer? You also need to integrate what you have learned throughout the crisis period

Crisis Management Plan

A crisis management plan is an established process a business follows when you are dealing with a disruptive and unexpected situation. Your crisis management plan should be completed before crises so that your business is well prepared to combat and deal with all situations that may come your way.

If your business faces a crisis of any kind and is not well equipped with a crisis management plan, it is very likely it will be badly affected. These consequences might be related to various legal, operational as well as public relations issues. Depending on the extent of the damage, a crisis can completely put you out of business.

The best you can do when running a business is to have a crisis management plan in place and be fully prepared for any unplanned event and prevent long-term damage from happening. A crisis management plan will help you maintain your great reputation with customers, competitors as well as industry leaders. It will help in improving the safety, health, and well-being of everyone involved with your business.