Setting Prices Takes Yards of Research

Research before you sellThe days of setting grandma’s treasures on a card table, hoping to unload them for a nominal fee, are over.

Marketing warriors visit multiple yard sales each week, looking for castoffs to resell on Ebay. They’re armed with cell phones, making calls to the home base to uncover the best resale prices on the spot.

The lesson? Today’s sellers must be as skilled at pricing as the buyers who scan their merchandise.

Last weekend ’s edition of The Wall Street Journal took you up close and personal into the world of high-tech yard sales in this once low-sales category.

While the article explored how people troll for treasures, it also shared a lesson for small and solo business owners in any industry: perform your research before setting prices.

There’s a fine line between smart pricing and giving away the store. That line determines whether you profit or go out of business.

You may not be a yard sale expert, but what you sell is a valuable commodity. Sell high, and make grandma proud.

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April 24, 2006 | Filed Under Problems & Solutions, Recent Entries, Solo Housekeeping 

Comments

2 Responses to “Setting Prices Takes Yards of Research”

  1. Flora Morris Brown on April 27th, 2006 8:45 pm

    I consult with gift basket business owners frequently, and pricing is one of their weakest skills. Most are afraid to charge the prices that will mean profits for them. While high prices will turn away the customers looking for a steal, it will attract the customers with deep pockets who expect to pay for quality.

  2. Shirley George Frazier on April 27th, 2006 10:12 pm

    It truly is a shame when solo business owners do not price their products and services according to their worth.

    Getting over the pricing hump is a hurdle some cannot accomplish. It’s a challenge that determines success or failure.

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