Snyke Price Monitoring As New With Email Marketing Feature
As an operator of an online shop and email marketing specialist, it is no longer enough to control the prices of the competition occasionally. Increasing price pressure, especially from the “big players” such as Amazon, means that in the long run, only shops that manage their prices intelligently and pursue a repricing strategy will succeed with email marketing.
When repricing the question is at the center:
“How can I adjust the prices, taking into account my costs and the competition, so that my business profits get out to the maximum?”
How do I find the optimal price when sending out email offers?
To determine the best price for an article, it must be clarified what distinguishes the optimal price first.
- A price is optimal if and only if the priced article generates maximum profit,
- An increase in profit can be achieved either by increasing the sales of goods or by improving the margin.
Increase sales with repricing
One thing is clear: In many cases, the price is decisive when it comes to the question of which supplier the end customer will buy. This is especially true in online trading. Various studies show the high sales gap between price comparison sites and online marketplaces. The rule is: the cheaper, the higher the sales are. It is, therefore, an object of the re-presentation to uncover sales potential and to lower the price of the articles concerned.
Increase the margin with repricing
Repricing is not always necessarily about proposing the lowest price. It is also about identifying items in an assortment that are offered “under-priced.” This is always the case when your offer is by far the cheapest. In this case, it should be considered whether the price should be increased to get more margin profit.
Repricing – intelligent, not complicated!
In order to do intelligent repricing, the described sales optimization had to be combined with the margin optimization and applied to an assortment. It quickly becomes apparent that various strategies can be used here. One step ahead, however, it is necessary to capture the prices of the competition. Price comparison sites and online marketplaces are an option for this, as they are of course also used by the customers themselves.
Repricing with the price monitor from Snyke for email marketing
The price monitor collects the prices of price comparison sites and their emails on a daily basis, marketplaces (such as Amazon) and directly from the competition shops. Then the optimal price is calculated for each article in your assortment which you send out an offer with email. You can follow the calculation at any time via the easy-to-navigate web interface and make any necessary settings to get more sales and gain more profit with your Online Store Business and your email list.
Snyke has partnered together with Anik Singal who is better known as the email marketing guru. He is just updating his email marketing course called Inbox Blueprint 2 in January 2018. You can find more details here: www.inboxblueprint2.net
Watch the video below to get more insights: