How can I set the right price for my product in a retail chain? Retail Price

[00:00:00]Hey everyone, this is Karen Waksman, founder of Retail MBA. Today we're going to be talking about suggested retail price. If you're trying to sell to retail chains, you need to understand suggested retail price, and this whole training will give you something to think about in regards to that. With that said, let's get started on today's training. Hey everyone, this is Karen Waksman, founder of Retail MBA. Today we're going to be talking about retail price versus selling price. So if you have a great product that's perfect for retail chains, and you're trying to figure out retail price versus selling price, this training will give you something to think about and what you need to know. With that said, let's get started on today's training. So let's talk about pricing for retail.

[00:00:38]And more specifically, people always ask me, "How can I set the right price for my product in a retail chain?" It's a common question that comes up a lot, and I just want to clarify what I think about when I come up with the pricing for a product. And so hopefully this helps you. This is Karen Waksman, Retail MBA.

[00:01:00]And we just create these training videos to help you excel. So pricing scares people with retailers. The first step I would take is literally get in your car, start driving around, go to stores that you want to sell to, and figure out what it is that your competitors are pricing their products at. So you have to look at what the market will bear.

[00:01:25]And sometimes there's products that are expensive, and there's some products that are cheap. And sometimes you'll be confused because you're going to look at products similar to yours, and maybe there's not exactly the same things as your product. Maybe they have much cheaper quality or whatever, and you need to charge more cuz your material's more and so forth. I'm here to tell you that generally buyers are getting killed all over the place with pricing products. I see it all the time with our done-for-you services. People will bring me their products and I'll review it and we'll know, "Listen, you're going to probably get yelled at about your pricing. And unless I come up with a really good story, she's basically going to tell you to get out of here." And so you have to come up with what you're going to do in that scenario and do you have another possibility?

[00:02:18]So, what that means is you got to walk stores, you got to look at your competitors. If there's a really cheap version of your product, generally you can't go too much more if all the products there are going to be about that price range. So, if you're going to the store, you're going to the section of the store where your product would fit, they're all at $9.95 or whatever the price is, you're going to have to honor that price range maybe a little bit more, but nothing too outlandish.