6 Price Strategy Mistakes Jewelers Should Avoid



New research suggests that strategic price-setting can save you moneyLet’s be honest: When it comes to setting prices for our products, most of us don’t have a clue as to what we’re doing. We tend to make them up as we go along, or charge what we think people might pay. A haphazard pricing strategy, however, might be losing us thousands of ­dollars every year. We tend to overestimate the amount of ­knowledge customers have about price when they make their purchasing decisions, and we often under­estimate what a customer is willing to pay for our product or ­services. Here are a few price strategy mistakes common to business owners. Do any of them sound familiar?1. Comparing your prices with the competition’s prices According to new research from Stanford University, asking customers to closely compare your prices against a competitor’s (without a solid case as to why) can d
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