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Articles by Basak Saricayir
Willingness to Pay: A Metric for Better Pricing Decisions
Willingness to pay (WTP) is the maximum price a consumer is willing to pay in exchange for a product/service. We use this metric to price our products in line with customer expectations and increase the likelihood of purchase. Here’s how to conduct one. How to conduct a WTP research Step one: Segment the market As a first step, identify your buyer personas. A buyer persona is a profile that mirrors the ideal customer of a product. Usually, there are multiple buyer personas for a product.
E-Commerce Conversions: 19 Hacks to Improve Your Conversion Rate
What’s the ultimate goal of an e-commerce marketing team? Some might think improving website traffic is the most crucial task, but online marketers would know that converting that traffic is half the battle won. E-commerce conversions in the retail business constitute one of the most important metrics that determine its revenue. Even if you think you’re doing great, there is still a lot of room for improving your margins. And in e-commerce optimizations and enhancements are a never-ending story.
How to Implement to an Online Store
Big players invest thousands of dollars in big data analysis to illustrate the relationship between changes in price and demand. Were you able to determine which price-demand combination brings out the maximum revenue? Well, it’s not an easy task. I’m not saying that you should invest heavily in finding the optimum price-demand ratio because we all know that SMBs don’t have the same resources or even a meaningful size of data.
Simplest Method to Determine Your Prices
Pricing is either your most powerful weapon or your worst enemy. As an online retailer, you have to be aware of the risks that could come with a poor pricing strategy. Then the first question you must ask yourself is, do I know which pricing strategy best fits my business? There are several pricing strategies you can adopt or combine. Cost-plus pricing is one, and in this post, we’ll give a comprehensive understanding of its risks and advantages. What is cost-plus pricing?
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