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Fresh Threads: Product pricing and online reviews

  1. Kat Haylock

    Kat Haylock Community Editor Staff Member

    Posts: 382 Likes: 165
    9 |

    Hi UKBFers,

    Welcome to Fresh Threads, our weekly roundup of the best threads and debates from the forums.

    This week, in between eating more mince pies than are good for me, we launched our new sister Twitter feed, called ukbf_finds. We'll be posting articles, long reads, podcasts and other things we like - loosely business-related but I'm not below a dog GIF or two. 

    Back to the forums - here are this week's best bits.

    1. How do you price your products?

    Chris34, Ecommerce

    Pricing is a pretty common topic on the forums – so common that we covered it in an article a few months back.

    This thread’s full of opinions and ideas on how you should go about pricing your products, from set formulas to regular competitor research.

    atmosbob: Try cost price x 4. I was told to think of it this way: 25% for the item, 25% cost of sales and advertising, 25% for finance, storage, admin and sundries, 25% for profit.

    Tim Ford: One of the biggest things I come up against on a daily basis. We now try to take in to account multiple variables when deciding the best price on a per product basis. This can include or exclude competitors (if the product is available across multiple distributors) brand margin, product in stock or out of stock. 

    antropy: The actual answer is: cost x whatever the market will bear.

    2. Do online review sites help?

    Mercyel, Sales, Marketing & PR

    Personally, I can’t remember the last time I bought something without checking a review of it first. Even then, it’s a perilous landscape: what’s authentic, what’s been written by the company themselves and what’s been written by their competitors?

    Mercyel’s hoping to get more reviews for their products, but is struggling to find a way to encourage customers to leave reviews.

    TomJ83:  Today we buy so much stuff online that once it’s delivered we’ve already forgotten who we bought it from. If you collect customer email addresses, you could send them an email asking for a review. But you need to do it promptly. The time between the service and request for review should be as short as possible. If you ask a month later, then the review rate will be very low.

    WebShop Mechanic: Getting reviews is not just as simple as sending an email and hoping they reply. You need to test, test and test some more. Just like any form of email marketing. Read Matt’s step-by-step advice here.

    Alan: Personally, once I have found a firm I might choose to research it with a Google of "X business reviews". Specifically I'm looking for negative reviews, but finding zero reviews also gives me some indication of what I'm dealing with.

    3. Failed launch again

    Shonda Myers, General Business

    Shonda’s been promoting her own coaching program for almost a year, but she’s still struggling to get sales. While her beta members testified that it was a great help to their businesses, she can’t seem to convert leads.

    fisicx: This suggests it's your landing pages that are wrong. Do you have dedicated landing pages or are you just sending leads to your homepage?

    Tony84: When I am quiet, I do a quick email round of the people who made enquiries, looked promising but never proceeded to see why we lost them. I ask them to be completely honest, it wont hurt our feelings and anything they say will hopefully help us in the future. I am always really happy when people come back and give me something to work with. 

    AllUpHere: You are probably making an obvious mistake that you can't see because you are either too close to it, or you don't understand the ways in which you can generate and convert leads for this type of business.

    4. New business – need advice please

    oneglobaltradinglimited, General Business

    Degrees of separation question: how many posts do you reckon it would take to get from fashion leggings to centipedes?

    Find out here.

    Have a great weekend!

  2. Jayash Verma

    Jayash Verma UKBF Newcomer Free Member

    Posts: 0 Likes: 0
    Nice article
    Posted: Nov 4, 2017 By: Jayash Verma Member since: Nov 4, 2017