Promotion Ideas For Your Product-Based Business

Have you done promotions for your products?  If not, you need to try doing one.

Today, we're talking about promotions for your online store. This is a question I get asked over and over again. What is a promotion? Why do I have to do them? What are some ideas for promotions? 

What is a promotion? 

Product + Offer + Scarcity = Promotion.  That's what it is. Today, I'm going to give you five ideas for promotions that you can do in your eCommerce store or your online store.

1.  Percentage Discounts

Now, if brick and mortar storefronts have taught us anything, it's that everyone loves to buy things that are on sale. 

Formatting your product pages to have a sale price can increase your conversions. Consider showing two prices for any given product. You can display the retail price, or you can show the sale price. 

You can experiment with the terminology in your shopping cart, such as suggested retail pricing, or MSRP, (manufacturer suggested retail pricing.)...

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Mistakes Product-Based Business Owners Make

Today I want to talk to you about mistakes that I see product-based business owners make over and over again. 

I've compiled a list of some of the top mistakes that I see.   I wanted to share them with you, so hopefully, you won't make any of these mistakes, and if you are making them, you can fix them. 

First mistake - Not pricing products so that you have enough gross margin in your product

So what do I mean by gross margin? 

It’s all about pricing your products correctly.  I like to start with my product and figure out what is the perceived retail value of this product. I take retail price and divide that by two, and that would be your wholesale cost/price. Then you divide wholesale by three, and the cost of goods for your product shouldn’t be more than that.  

Sample- Retail Cost is $10,  divide by 2 = $5 which is your wholesale cost, now divide the wholesale cost by 3 = 1.66 your cost of goods shouldn't be any higher than 1.66 or...

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