Strategies to Increase Prices by Increasing Popularity

Exit markets with unfair price competition: Leave markets where price competition is increasing and focus on more flexible markets, where you can set your prices optimally to increase profits and promotions.

Sell items that are currently in demand in the market: Identify and sell products that have a high demand in the market. By selling items that are in high demand, you can increase sales potential.

Why do price wars happen?: Understand the law of supply and demand. Supply (supply) is the availability of goods from sellers, while demand (demand) is the need or demand from consumers. If sellers or the availability of goods increases while demand remains low, then a price war occurs. The solution is to sell outside the market affected by the price war.

Choose between wholesale or retail: If you sell wholesale and retail, choose one of the two. It is not recommended to apply both at the same time. If you sell wholesale, competitors can become your customers, increasing competition. The solution is to sell outside the market affected by the price war.

Take advantage of selling wholesale: If you choose to sell wholesale, take advantage of the advantages of selling faster. You must be able to sell at a price below the price of competitors who buy wholesale. To compete with warehouses, you need substantial capital, adequate space, and good or professional management.

Determine the target market for retail: If you choose to sell retail, choose the appropriate market, for example in low, middle, or high-end housing. By determining the right target market, you can have more flexibility in setting prices.

Sales via social media: Optimize sales via Facebook and Instagram. Advertise your products in local sales groups at an affordable cost. For example, if you sell bathroom cleaning services, clearly describe the services you offer, such as descaling bathrooms. You can also offer vacuuming services by prioritizing a cleaning depth of 30-40 cm on furniture.

Focus on Instagram: Instagram followers tend to be less price sensitive than those on Facebook. If you sell frozen food products, provide content that is relevant to the target market, such as recipes, healthy food, or tips for children's meals. Try doing an endorsement through a local Instagram account in your city and join an existing local buying and selling group.

Promote products repeatedly: Promote products separately and repeat promotions periodically. By carrying out ongoing promotions, you can increase consumer awareness and interest in your product.

Offer convenient service: If possible, provide customers with convenient service. While this may slightly increase the price, customers will be more likely to choose your product because of the convenience it offers.

By implementing the above strategies, you can increase the selling price of your product without sacrificing popularity and sales. [20230523-eg01/02]

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Price Increased but more Selling | Here's How | Arli Kurnia