HIGHLIGHTS

• Goal: Determine the price you will sell each product for (and make a good profit)


• You can skip this step if the manufacturer has MAP pricing and enforces it (spend a few minutes to check whether retailers are abiding by MAP)


• If your micro-niche doesn't have brand names (i.e. generic products), you can make up brand names & product models and be a little more aggressive with prices (but the prices must be reasonable)


• Download and use the 'My Prices' spreadsheet (to the right)


• Enter all of your products in Column A


• Enter your all-inclusive total wholesale cost (including shipping) in Column B


• Do a Google search for each product (one at a time) and visit the top 3 results (ignoring paid ads)


• Go through a virtual checkout process (all the way up through the 'review/confirm order' step) to identify the total DELIVERED price (including shipping & any other fees) for each product


• Enter the total delivered price of the top 3 competitors in Columns B, C, and D


• Finally, choose the price for each of your products, following these 2 rules: 1) try to match the lowest price if there are good profit margins (but don't undercut it); 2) go somewhere in the middle of the top 3 if margins are tight (but not so low that you won't make a profit)


• Do NOT start price wars - the lowest you should go is right at MAP or right at the lowest of the top 3 competitors