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How to price your product or services for maximum profit?
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Did you know?
Small variations in pricing can raise or lower revenue by 20-50%.
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Your business will fail if it sells for less than cost, or if its gross profit margin is too low to cover the costs of the business.
So, if you are planning to introduce a new product, or considering price change, here are the 5 key factors to consider for correctly pricing your product, & increasing profit your margins
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Know Your Customers
What role does pricing plays in your customers’ purchase decision such as are they driven by the cheapest price or by the value they receive?
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Market Positioning – What is the market in which you want to sell you product or service – high or low end market or someway in the middle.
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Competitors’ Pricing – What are the price your competitors are charging for their products? Or what customers are they attracting with their pricing?
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Costs – Have you considered everything about the costs – fixed costs & variable costs involved with running your business?
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So, how do you determine your pricing? Comment Below.
CAPTION
It is rightly said that “Pricing is the core aspect of your business.” After all, it has the power to determine:-
- Product acceptability by the customers
- Revenue/profitability from the product
- Future prospect of the product
Nevertheless, it is one of the hardest things to figure out.
If your price is too high, you will miss out on valuable sales. Whereas if your price is too low, you may miss out on profits and even hurt your brand reputation.
Hence, it is essential to find the right pricing for your product or service
The following are the key factors that goes into deciding the right pricing for your products and services.