Pricing Technique #1 Question

by Candace
(Fort Walton Beach, Florida)

Original Comment:



April 16, 2014

Joe, please let me know if repricing at "one penny below the next higher price" takes into consideration the product's condition rating. For example, if I have a book in very good condition, will I price it at 1 penny below a book in "good condition" if that book is the next higher price".

Candace

Response:


April 27, 2014

Hello Candace;

First, please accept my apology for the late reply. For the past three weeks, reader questions have been missed directly to my SPAM folder and I only recently discovered the problem.

You ask an excellent question about pricing. And your assumption is correct in that you don’t want to price books in better condition against those in worse condition. It’s obvious that you will almost surely get the very next sale, but you’re also leaving money on the table unnecessarily. There’s no sense in competing against cheap used books when your inventory is of superior quality.

I should have worded that article to say “one penny below the next higher price in the same or better condition” to make the strategy more effective. That way, you’re not leaving money on the table and you’re maximizing your profits even further.

This is a classic example of mistakes that new sellers make when selling books online and not understanding the dynamics of price competition; kudos to you for recognizing that subtlety.

I hope this answer has been helpful to you. However, I’d like to point out that you can get unlimited answers to your questions in my Internet Bookseller’s Forum by going to the Forum Guidelines page and signing up for a FREE MEMBERSHIP.

You'll get lots of useful advice from me and other experienced booksellers to help you grow your business and make it more profitable. Make sure you sign up today and introduce yourself to everyone!

Joe Waynick
Bookseller, Author, Mentor

Go Back To The Original Article


Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Comment on this article!.

Would you like to comment on this article?

Has this article been helpful to you and/or your business? Would you like to add a point or two I may have missed?

Use the form below to create your own webpage on this site and share your thoughts about the article. You can even write an entire article of your own! In fact, comments consisting of 300 words or more receive priority consideration.

Blatant commercial messages will not be posted. In addition, SPAM or inappropriate comments or pictures (in my sole opinion) will be ignored.

Nevertheless, a SHORT promo for your business and a link back to your website at the end of your comments are permitted.

What Other Visitors Have Said . . .

Click below to see what other visitors have said about this article.

There Is More Than One Way To Skin a Cat! Not rated yet
Original Comment: November 28, 2014 Just to add to Joe's excellent rebuttal to Anonymous' overly simplified post, just because a thrift store …

Click here to write your own.

Sign-up For A
FREE Weekly
Bookselling Tips
Newsletter
Enter eMail Address
Enter First Name

We promise not to sell your information to anyone.

Click to learn more and sign-up with Endicia Dazzle for a FREE TRIAL!
Click for FREE trial!

Click this image to learn about the Dell PDA with barcode scanner attachment

Click to learn
why you need
this device!

Click this image to learn about the Socket Scan Card for your PDA

Click to learn
why the this
Socket Scan
Card is best!