In this video you will find out how to use different tyoe of rules (Common, Exclusive, Product only).
Feb, 2024
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In this video you will find out how to use different tyoe of rules (Common, Exclusive, Product only).
Table of Contents
The pricing model of a product or service is mostly a question of balancing two objectives, acquiring more customers and retaining the existing ones. The second objective is to keep customers happy and retain them for longer, which reduces the churn rate.
A pricing model is a system for pricing the same or similar products or services. Typically, the pricing model of a product or service is set by the company itself, but this is not always the case. There may be some third-party vendors who also may be involved in setting the pricing models. In general, the pricing model is generally defined as the process for pricing products and services.
2. Value-based Pricing Model: The value-based pricing model is based on the perceived value of a product or service to the customer. It involves setting a price that reflects the benefits and value that the product or service provides to the customer. This model is more customer-centric and allows businesses to capture the maximum value from customers who are willing to pay a premium for high-quality products or services. However, it requires extensive market research and a deep understanding of customer needs and preferences.
3. Competition-based Pricing Model: The competition-based pricing model involves setting prices based on the prices of similar products or services offered by competitors. This model is commonly used by businesses in highly competitive markets, where they need to stay competitive to attract customers. It is relatively easy to implement and provides a benchmark for pricing. However, it can lead to price wars and reduce profit margins if not carefully monitored.
4. Penetration Pricing Model: The penetration pricing model is used to enter new markets or gain market share. It involves setting a low price for a product or service to attract customers and gain a foothold in the market. Once the business establishes itself, it can gradually increase prices. This model is effective in creating a buzz and attracting new customers. However, it requires the business to have a strong marketing strategy to sustain the initial low prices.
5. Skimming Pricing Model: The skimming pricing model is the opposite of the penetration pricing model. It involves setting a high price for a new product or service to target early adopters and capture maximum profit. As the demand for the product decreases, the price is gradually reduced to attract more price-sensitive customers. This model is commonly used for innovative products with a unique selling proposition. However, it can limit the customer base and may not be sustainable in the long run.
6. Freemium Pricing Model: The freemium pricing model is commonly used for software or online services. It involves offering a basic version of the product or service for free, and charging for advanced features or premium versions. This model allows businesses to attract a large user base and upsell to paying customers. However, it requires a significant investment in marketing and customer acquisition.
7. Dynamic Pricing Model: The dynamic pricing model involves adjusting prices based on demand, supply, and other market conditions. This model is commonly used in industries such as airline tickets, hotel rooms, and ride-sharing services. It allows businesses to maximize revenue and respond to changes in the market. However, it requires advanced pricing strategies and technology to implement.
Now that we have discussed the different types of pricing models, the question is, how do you choose the right one for your business? Here are some factors to consider:
Perhaps you have already decided on a pricing model, but still think that implementing it is a difficult process. This is where the Advanced Dynamic Pricing for WooCommerce plugin comes in. This powerful plugin allows you to create and manage multiple pricing rules for your products with ease. You can set up discounts, bulk pricing, special offers, and much more, all within a few clicks. So why wait? Install Advanced Dynamic Pricing for WooCommerce plugin now and take your pricing strategy to the next level!
In this video you will find out how to use the Advanced Dynamic Pricing discount on the backend with the Phone Orders.
In the video you will find out the most common reasons for not applying the rules and how to solve them.
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As the holiday season rolls around, ecommerce stores often battle against each other for the biggest slice of the pie. The competition can be fierce, and pricing plays a huge role in the success of your store.
But don’t worry! If you are using Advanced Dynamic Pricing for WooCommerce plugin, then this Christmas will be the best for you. However if you’re new to it or confused about pricing strategies, then feel free to read about some of plugin’s lifehacks that will help you this season.
Gift wrapping is a nice touch that customers appreciate. You can charge a nominal fee for it, or even offer it for free. Wondering how to do this in the Advanced Dynamic Pricing for WooCommerce plugin? Listen carefully!
Add a rule (Gift type). Choose gift wrapping as a gift. And the condition of the cart is Large Santa figure (Products).
Note: pay attention to the Can be applied setting. If it is left as default, then each Santa has his own packaging.
If you’re able to offer free shipping, do it. Free shipping is one of the most attractive incentives for customers during the holiday season. Do free shipping for a specific region or country in Advanced Dynamic Pricing for WooCommerce.
Add a rule (Cart discounts type). Choose Zero cost for all shipping method in the Cart adjustments. And the condition of the cart is Alabama State.
Creating limited-time offers can be an effective way to incentivize customers to buy during the holiday season. You can offer a discount on a specific product, or you can even set up a special promotion with a limited quantity of products.
You can create a limited promotion and set up a message about it on the product page in the Advanced Dynamic Pricing for WooCommerce plugin.
Add a rule (Product discounts type). Select date. Choose Tags in the Filter by products. And add the discount.
All you need to set up advertising is:
Add an Advertising block. Tick Enable timer option. Write timer message and short and long messages. In Advertising settings, specify where you want your ad to show (Product page, Cataloge page, Cart totals and etc.).
Gift cards are a great way to boost sales during the holiday season. Offering gift cards can help encourage more sales and keep customers returning for more.
Good news – Advanced Dynamic Pricing for WooCommerce is compatible with YITH WooCommerce Gift Cards. This means you can easily sell gift cards in your store and apply different pricing strategies to them.
Let’s create the following rule – when purchasing 3 caps, the user receives a gift card worth $10.
Add a rule (Gift type). Choose gift card as a gift. And the condition of the cart is 3 caps (Products).
Note: pay attention to the Can be applied setting. If it is left as default, then each cap has his own gift card.
When offering discounts on limited products, it’s important to choose the right items. Consider offering discounts on items that are popular with your customers or on items that are in high demand during the holiday season.
What if you need to configure a rule so that it applies to two categories rather than just one of them? Then you need to create a Product Collection. With its help, you can set up a filter by categories, attributes, tags, products and etc.
For example, you have a new Christmas arrival. You want the discount to apply to the New tag and the Christmas category. First of all, create a collection. Go to Product Collections tab. Add a collection and name it. Then add two Filter by products (by Tags and by Categories).
Add a rule (Product discounts type). Choose your collection in the Filter by products. And add the discount.
By using these pricing tips, you can make sure your WooCommerce store is ready to win the holiday season. With the right pricing strategies, you can maximize your sales and reach the top of the Christmas tree. Good luck and happy holidays!