The Price Is Right: 13 Strategies for Finding the Ideal Price for Your Products

Types of pricing strategies

1. Retail price: choosing the right pricing strategy for your brand

Many retailers benchmark their pricing decisions using keystone pricing (explained below), which essentially is doubling the cost of a product to set a healthy profit margin

2. Keystone pricing: a simple markup formula

Keystone pricing is a pricing strategy retailers use as an easy rule of thumb.

Manufacturer suggested retail price

As its name suggests (no pun intended), the manufacturer suggested retail price (MSRP) is the price a manufacturer recommends retailers use when selling a product.

4. Multiple pricing: the pros and cons of bundle pricing

We’ve all seen this pricing strategy in grocery stores but it’s common for apparel as well, especially for socks, underwear, and t-shirts

5. Penetration pricing and discount pricing

It’s no secret that shoppers love sales, coupons, rebates, seasonal pricing, and other related markdowns.

6. Loss-leading pricing: increasing the average transaction value

We’ve all done this: we walk into a store lured by the promise of a discount on a hot-ticket product, but instead of walking away with only that product in hand, we end up purchasing several others as well.

People who should listen to this show are career coaches, online marketers