Price And Profit – Perfecting Your Pricing Strategy, How to Price Your Product or Service So It Sells.
How To Price Your Product or Service
What to charge for your products or services – is not an easy question for most business owners to answer.
In fact,
One of the most pressing and difficult things to overcome in business, is pricing.
No matter what you’re selling – price is vitally important.
Small changes in pricing can produce dramatic results.
You may be losing revenue you could be earning by under-charging for your products or services.
Alternatively, you could be losing customers and sales by charging too much.
Pricing is the factor that has the largest impact on your sales and profits.
An effective price strategy, not only helps you sell your products or services in the short-term, but also increases your profitability over the long-term.
The KEY is to understand the fundamentals of pricing and what value you offer to your target market.
Here’s How Pricing Your Products and Services Effectively Can Benefit You
Pricing your products right, helps you:
- Meet or exceed your revenue targets.
- Remain competitive in your market by pricing your products in relation to those of competitors.
- Retain or increase your market share.
- Retain customer loyalty and keep your customers buying from you no matter what changes in the market.
- Retain your image and reputation as a company that offers quality products at an appropriate price.
How you price your product or service touches all aspects of your business – from your profits to your market positioning.
- If your price is too high, you may struggle to make sales.
- If your price is too low, you could cut into your profit margins or effect your market positioning.
The best pricing strategy then, factors in all your costs, maximizes your profit margins and keeps your product desirable to your customers.
Value vs. Price
We often use the words “value” and “price” inter-changeably but they actually mean two different things.
Value is the use that someone gets out of a product.
When you buy a piece of design software, it helps you design websites quickly and easily. This is the value that it offers you.
Value is something that exists in the end-user’s mind. Only the end-user can decide whether something is valuable for them or not.
If a customer determines that your design software didn’t help them make their work easier, it has no value for them.
Value is subjective …
Price, on the other hand, refers to the actual amount people pay for a product.
Price can be anything …
There are products with high prices that take virtually nothing to produce.
The price doesn’t always reflect something tangible about the product.
Your Own Effective Price Strategy
Want an effective price strategy of your own, but aren’t sure where to start?
Well, we have you covered!
What we did is put together an online course that walks you through the different Principles of pricing your products and services – so you can discover the ones that “work best” for you.
It’s called … Price and Profit: Perfecting Your Pricing Strategy
In Price and Profit, we guide you through a variety of pricing strategies – along with the keys for making them work.
You get to try them all … find the ones you like most, and learn which ones work best for your products or services.
You’ll also get “Learning Activities and Action-sheets” to help you remember what you learned, and to put each pricing strategy and tactic into action.
Here Is What You Are About to Discover Inside The “Price and Profit” Course
- How to define your ideal customer through objective data gained through market research.
- How to effectively research your competitors and market trends in order to set prices that will make you competitive.
- How to position your product or service in your market by defining the unique value it offers your target customer and adjusting your image accordingly.
- Understand a variety of pricing strategies and learn which ones work best for your products or services.
- How to create a system for monitoring the results of your pricing so that you can keep it up-to-date and appropriate.
- Understand when it’s good to raise or lower prices and how to use these techniques to your advantage.
In this course, you’re going to learn a variety of methods that will help you not only pick a price, but pick the right one.
Remember, pricing your products is one of the biggest decisions with a great deal of impact on your business. It’s also something that’s ongoing. Once you set prices, continue monitoring and experimenting with adjustments.
Don’t waste another minute thinking over what to do next.
Learn how to start pricing properly TODAY, and you’ll be selling more by TOMORROW…
Join the Price and Profit Course Today!
