Price List and Sheet Templates

Price List and Sheet: What Is It?

Have you skimmed through pages of product catalogs or sample brochures from Avon’s cosmetics or IKEA’s furniture? If yes, then you should know that price lists are just a simpler version of such catalogs. Such sheets contain item descriptions and their designated costs. To be more specific, a price list and sheet is a compilation of prices for goods and services that are outlined in a document. And its data is crucial for decision-making if customers wish to buy, businesses prepare a price change—you name it.

Based on a report, a 1% improvement in pricing can boost profits by up to 11%.

Meanwhile, Business Wire mentioned a study about how 80% of Americans compare prices of products online.

On the other hand, Statista reported that in 2016, there were already 209.6 million people in the US who browsed goods, compared rates, or purchases products online at least once.

Who Creates the Price List and Sheet?

Whether you are the buyer or the seller, you can make a price sheet. For example, a meticulous consumer can use price lists to compare which products are more affordable. Also, business owners may check the tailored prices of their items anytime from the list. And how the presentation goes in the sheet depends on who created it. Nevertheless, what matters is that the price sheets will be easy to understand for whoever uses those.

Spare No Expense: The Benefits of Price Lists

From the common saying “spare no expense,” it means you pay for something without holding back, no matter how big the amount is, as long as you accomplish your main objective. And just like price lists, they are made for a purpose too. In fact, it grants you a series of benefits that explain why lots of people create and make such sheets. And in this section, identify what you can achieve with price lists by recognizing its common benefits.

All for One, One for All: Businesses no longer look for every product in the inventory to check the current prices. That is because a price catalog already covers all the pricing-related information. Everyone deserves such references all in one place; thus, price sheets are your reliable source. Although it can be tiring to put all the crucial details in one list, it will all be worth it once every detail is organized.Quick Access: Did you know that using a price list helps you save time? Yes, people can access the price guide quickly. For example, a company might plan to train their new employees in sales. These recruits would memorize and base from a price sheet to stay updated with every product’s cost. On another note, gathering the rates online is possible too. There are even around 80% of Americans who compare prices of items online. So, show the price list to such consumers until they never have to go outside just to access prices.More Than Just a Price: Do not assume that a pricing list only contains the retail price of products and services. There are differences in retail, bulk, and wholesale pricing anyway. Provide other types of pricing if necessary. An example is when you compare the bulk price and the sale price in the sheet. That way, clients can easily see how much they would save while buying in bulk compared to the latter. Also, be specific with the labels to prevent confusion.Details, Details, Details: Price lists are more than just numbers. You can also incorporate words, particularly in the descriptions section. An example is when a company sells toys. What kind of toy is it? Is it a robot, doll, or car? If it’s a doll, then what brand is it? Barbie, Bratz, or LOL Surprise? If Barbie, then what line is that? A Barbie Holiday, Barbie Birthstone Series, or maybe the Color Surprise Series? The point is there should be details to specify a product. But, only input the significant info since descriptions don’t have to be too long.Tool for Selling: Businesses or sellers must prepare price sheets if customers request those. A common example is when an interested buyer contacts an online seller for pricing details. Statista’s research survey even informed us that around 209.6 million Americans browsed goods, compared prices, or bought items online at least once in 2016. So, customers who request for prices are typically online. And if sellers don’t have the main list of their product prices, then customers might have to wait longer to get an answer.Tool for Analysis: Listing prices is also useful in creating analysis reports. Do you plan on conducting a competitive analysis between the prices of your items and your competitors’? Thus, using price sheets is crucial for reference. Comparing those rates will help you gain insights if your selling price is too high, low, or in-between. And the data interpretation gathered from analyses will help determine strategies on how much the price change should be.Works for Different Businesses: Of course, online selling is not where price sheets are only applicable for. You can use a price list template for products and services in a hair salon, landscaping business, restaurant, flower shop, and so much more. Your only concern is to specify which business or brand the list belongs to for clarification.Editable: Have you downloaded our collection of price list and sheet templates already? If yes, then you would know that we offer customizable templates. Hence, there is no need to start from scratch. Use any template to your advantage by editing the format, design, content, and lots more. It is expected for those sheets to be editable anyway because prices may change from time to time.

How to Make an Excellent Price Sheet

Now for the main course, how do you create the price list and sheet? The lists may vary from one user to another, but there are common factors that you can see from excellent price sheets aside from the items and their corresponding rates. And rest assured that the process of making a list is not that complicated as you only need to follow these easy steps:

Step 1: Know Your Audience and Purpose

First things first, are you making a price list for you to use or for others? Determine your audience because maybe you created a list that is user-friendly and helpful on your part, but not for your clients who wish to view the prices. So if the price sheet is for customers to see, then make it easy for them. Also, know your purpose. Is the price sheet created for your grocery shopping list, restaurant business, or any other function? Label your sheet correctly.

Step 2: Identify All Items or Services to Offer

It is essential to state what products and services you offer clearly. If your business runs with fast-food products, then don’t just put the “fries” label and its price in your list. Be specific. Do you have other flavors for fries like cheese, sour cream, and barbecue? Include them. Also, the cost differs according to size, so indicate if a specific price refers to the small, medium, or large fries. And for businesses that deal with services, like salons, identify your services carefully. Maybe you just wrote “nail service” without clarifying if it involves trimming, nail polish, or both. And specify if the service is actually for people because there are also salons for pets.

Step 3: List the Prices Next to the Products

The general rule is that the item or service written in the pricing list should be beside its price. Otherwise, people would be confused as to which products some rates belong to. And to do this, aim to review the format of your template if the product names and their corresponding prices are listed beside or near each other. And here’s a tip: always include the rows and columns of lines from tables and charts. That way, anyone who views the list would no longer be confused in identifying prices since a product name and its assigned price will be in the same line.

Step 4: Categorize for Easy Viewing

If your sheet is enlisted with lots of information, then it works best to categorize your details. The categorizing process aims to keep the presentation of your list to be organized. Take a cosmetic line enterprise, for example. Your pricing sheet might look disorganized for merely enumerating all products without a sense of category. Instead, group your products according to particular labels. You could arrange your items according to lipsticks, mascaras, palettes, and so forth. Or perhaps, you categorize based on colors where you group all the red glosses, lipliners, and makeup brushes in the “red” label.

Step 5: Evaluate and Update the Content Regularly

Lastly, conduct a final evaluation if your sheet is impressive enough. If that pricing list is understandable, organized, and informative enough, then you are on the right track. But don’t just stop there. Your next task is to monitor and update your list regularly. There might be instances where products are on sale or would increase. Therefore, you have to change your list and update the product rates to their current prices.

FAQs

What are the different names of the price list and sheet?

The price list and sheet can be referred to by many names like the price catalog, price guide, price comparison sheet, and product pricing list. Although the names differ, they are still somewhat synonymous.

How do I calculate the selling price per unit?

First, know the total cost of the products bought. Next, divide the total amount by the number of units bought to determine your cost price. And to determine the final amount, it is as easy as the selling price formula, which is to add the cost price and the profit margin.

What are the basic pricing strategies?

Generally, there are five known pricing strategies, and you have to choose which strategy suits best for your application. And the pricing strategies are the following:

  • Cost-plus pricing
  • Value-based pricing
  • Competitive Pricing
  • Price skimming
  • Penetration pricing

According to Katharine Paine of News Group, “The moment you make a mistake in pricing, you’re eating into your reputation or your profits.” Paine’s quote summarizes how pricing, indeed, is vital to businesses. Who knows? Your chance to increase revenues might not happen because of errors in pricing. Thankfully, a detailed price list gives room to review every price and correct any mistake anytime. So from the highest to the lowest amount, make each value count.