Pricing and selling your product with Laura Harrison
In this episode: Top issues with stock. Pricing strategies. Profit margins. Shipping costs – to include or not to include. Direct vs. wholesale selling. Magic margins – good, better best. Laura Harrison is a retail expert with 25 years retail experience across corporate and in-store. Her main focus is on the financial side of retail, looking at profit & loss, cashflow and stock. Laura is passionate about keeping the high street alive and runs LH Retail Development, a consultancy firm that advises big retailers how to lead and small independent brands how to grow. Laura chats to Sally about top stock issues that affect retailers and how to avoid having surplus product by creating a clear sales plan. Laura explains the theory behind retail promotional practices and why getting the right starting price is so important. Laura and Sally discuss the pros and cons behind inclusive shipping costs, what is recommended and why your customer journey makes a difference. Should you sell direct to your customer or consider a wholesale approach? Laura and Sally examine different setups and considerations. Plus the biggest factor in retail - cost vs sales price, what is the magic margin? Laura breaks it down, looking product hierarchies and why you should be able to easily explain your pricing approach. Selected links from this episode Connect with Laura on Instagram and Facebook via @lhretaildevelopment Email: [email protected] Website (from end of April 2021): www.lhretaildevelopment.co.uk Laura’s free Facebook group Product Profit Project Connect with Sally on Instagram LinkedIn Like what you hear? Don’t forget to rate and leave a review to help spread the word! The Pricing Queen podcast is produced by Annabelle Buckland at Decibelle Creative @decibelle_creative