Lesson 7: What's Your Pricing Strategy

What did you settle on and how can we leverage this? Here we have to understand the demand vs the price point. Can you sell that $40 (cost) item for $80, can you sell it for $120, $180? How many do you think you can sell, 3? 10? 50? Of course we don't know exactly until we try but your pricing strategy will determine how long something lives on your selling floor/website. It determines the marketing pushes and promotions you'll run. Will you plan to mark most items down, turn over those style and make room for new things or will you take it slower and keep a specific item at full price through sell-out? What about creating urgency? What other costs do you need to cover through your sales? Do you have a margin in mind per category?