Determining the Right Price for Your Product or Service
Compare the prices your competitors charge for their own products. You’ll learn why they chose that price and you’ll learn which products are over- or under-charged.
This is an important step because unless you know what price they are aiming at, you won’t be able to get to the perfect price for your own product. If you pinpoint a product that is overpriced, you can offer a slight discount on your own product and point out that yours offers better value at a lower price. Likewise, if your competitors are underpriced, you can release a product that represents better value at a higher price. Your business won’t be harmed by charging more, as customers will often pay more to receive higher quality. So when it comes to figuring your price, market research should be an important factor. People won’t mind paying you a higher price if you can touch their emotions. Most purchases in the modern market place are based, to some extent, on emotion. So if you can appeal to the emotions of your prospects, you’ll be able to get many of them to take action. You’ll have to come up with compelling sales copy that points out the benefits of the product in a manner that justifies the price.
Keep your customers happy! It’s not rocket science to figure out that happy customers, satisfied customers, won’t mind paying a little more just because they really see the value in your product. Keep those satisfaction levels up by providing great service and even more value once those people join your list. This will open up doors for repeat sales as your customers would want to buy from you again. Just this one tip alone could be the key to growing a long term profitable business. Now you can see why setting the right price is so important for your product. There are many ways to boost your product sales, but only an effective price can get you more out of the same efforts. In other words, the price you have for your product plays a big role in increasing your overall profits.
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