What Is Dynamic Pricing?

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So what is it, and how can dynamic pricing maximise your profits?

Most goods are sold with a fixed price - a system normally based on the cost of producing goods, plus a 'mark-up' profit.

So what is dynamic pricing then? It's about maximising profits by reaching the harmonious balance of buyers vs price.

But How To Price?

Critical to successful pricing strategy is having a reasonably accurate idea of your supply and demand.

Too high a price and demand falls as less buyers purchase the product. Too low a price can increase volume of sales, but reduce profit margins.

The problem of determining price based on supply and demand can be even greater, especially with regards to ecommerce where multiple markets operate at different times of day - and may interact and affect each other.

Just Undercut The Competition, Right..?

Overcoming the tricky question of the best pricing policy is often served by price matching, or undercutting the competition.

But how do you know they have their pricing right?

If they are already pricing too low, and you undercut them... that's a disaster in the making. Perhaps that ten thousand spent on a pricing consultant doesn't look quite so expensive anymore. Alternatively trial and error was always a potentially expensive science...

There IS a High-Tech Solution

There's a push-button easy way to get pricing right first time -- and a less easy way.

Ken Evoy of Sitesell (author of the highly acclaimed 'MYSS!' - the bible of selling anything online), has produced an incredibly powerful automated tool for determining the perfect pricing of any product.

Ken has proven this tool with impressive results when pricing his own companies products. He calls his tool 'Make Your Price Sell!' (or 'MYPS!') - you can use it here.

The Less Easy DIY Way

If you just want fast answers, use MYPS, it'll save you a whole bunch of time.

FREE Pricing Strategy eBook

But if you want more depth and process, Ken has also produced a superb no-waffle 50 page report (it's also free).

This will show you how to find the perfect price for your products.

Download the Pricing Masters report FREE here (you don't even have to give your email)

MYPS automates the process, but this report is still packed with the detail and process you need.