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The Secret to Setting Prices in an Uncertain Economy

International Retail Design Conference will take place Oct. 9-10 in Kansas City, Mo.

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The Secret to Setting Prices in an Uncertain Economy

 

While you may excel at creating eye-catching displays and connecting with your customers, how certain are you about setting prices correctly in today’s economy?

Attendees at the International Retail Design Conference Oct. 9-10 will get powerful and actionable insights about this and more from economic expert Sarah Quinlan, Managing Director and Founder, SAQ Economic Advisory LLC. In her highly anticipated session, she’ll help you understand some of the challenges that may be coming retailers’ way in the coming months, and what you can do to combat them.

But as you move into this next selling season, we’ve got an early tip for you: To protect your prices and maintain strong sales, elevate your customer’s value perception of your brand.

Simply put, value perception is how customers judge the worth of your product based on what they believe they’re getting for the price. In a volatile economy, this perception becomes even more critical – so here’s how you can elevate yours:

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Enhance your product’s presentation
Think about the layout and presentation of products in your store. Is it targeted to entice your ideal customer with engaging, attractive displays? A premium look increases the perceived value and justifies higher prices.

Offer exceptional customer service
Personalized, knowledgeable service and loyalty programs make customers feel valued, associating the positive experience with your product’s worth. The more your customer feels personally cared for or transformed by your brand – the more they will want to return.

Highlight your product’s unique benefits
Emphasize what makes your product unique, such as sustainability or exclusivity. Find ways to connect emotionally with customers, highlighting how your products can make a lasting difference or bring lasting value.

To set effective prices, don’t simply sell your products, communicate their true value. When you reinforce your products’ worth, you’ll find that price isn’t always the deciding factor for your customers.

Want to learn more about the business side of retail from thought leaders across the industry? This year’s IRDC 2024 has you covered. But register soon – the conference is almost here!

The Secret to Setting Prices in an Uncertain Economy

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FEATURED VIDEO

MasterClass: ‘Re-Sparkling’ Retail: Using Store Design to Build Trust, Faith and Brand Loyalty

HOW CAN WE EMPOWER and inspire senior leaders to see design as an investment for future retail growth? This session, led by retail design expert Ian Johnston from Quinine Design, explores how physical stores remain unmatched in the ability to build trust, faith, and loyalty with your customers, ultimately driving shareholder value.

Presented by:
Ian Johnston
Founder and Creative Director, Quinine Design

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