George Anastasopoulos, an industry consultant and one of the Convenience U CARWACS Show educators, shares three tips on pricing and promotion from the trade show floor. Watch the video above for his insights so you can ensure you’re successfully pricing and promoting your products in store.
Here’s a quick summary of his tips:
- Be aware of price sensitivity. Different products will respond differently to price changes, so get to know which products will increase sales for you.
- Understand “break even”. Running promotions can reduce your gross profit, so it’s important to understand how much you need to sell to make up for that loss from discounting.
- Focus on consumer savings. Think about what the consumer is looking at and ensure pricing and promotions are attractive and enticing.
Do you have any pricing or promotion advice? Leave a comment below and let us know!