Factors to Consider When Pricing Your Products & Services

    Best Price

    Coming up with the right price for your products and services is very challenging. You don’t want to overcharge for your stuff but you need to make a profit to survive. Some things you should take into consideration include:

  • Your sales volume. Don’t overestimate your expected sales be conservative
  • Your competitors’ prices. Check out the price of at least 3 main competitors
  • Your company’s competitive advantage. Identify your key differentiators
  • The economic situation. You may have to offer discounts
  • Your business location. Check out the demographics
  • How price-sensitive your customers are. Avoid competing on price if possible
  • What image you would like to project. Sometimes the more you charge the better it is for your image
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