Useful Tips to Help You Price Your Product or Service
One of the simplest solutions is to market the product for high-end sales as an exclusive product. It’s easier to convince people to pay more for a product when you make the product seem exclusive to them. These are the people who won’t balk at a higher price in order to remain exclusive. One idea is to offer a regular version with fewer features and an exclusive version that offers more features for a higher price. Those with an “elite” mindset will enjoy the appeal of getting something extra. This is one psychological trigger that the people within your target market will find difficult to resist. While this won’t work for all products it can be done with many.
Secondly, don’t hesitate to give your product a higher price if you can justify the level of value you’re offering. Some people feel that low prices will also mean low quality, so higher prices can raise their perception of value. So if you’re committed towards making an exceptionally good product and are continually working on making it better, charging a high price will be easily justified. Those customers who buy products based only on cheap prices aren’t good customers to have anyway. When you know your product is really worthy, your focus should only be on the best customers that you know will stay with you for long, not leave in a while. Just be sure you don’t hike up your prices just because you want more profit.
Be sure your product lives up to the price you set for it.
Lastly, watch what kind of special deals or discounts your competitors are offering their prospects. This will let you know if you have to tweak your offer to provide a better deal to your own prospects. When you stay up to date with your competitors you can keep up with what strategies they’re employing to keep business afloat. The object of this is to use their strategy to find ways to bring more exposure to your own product. Your competitors could have a distinct edge over you if you ignore this tip, so spend them time and make sure your product offers better value.
In conclusion, how you price your product/service depends on many different factors, and the tips that we discussed here touch a few of them. If you really want to make your product a success and make sure the price is justified, do everything you can to give value to your customers, so that you may live up to the price, and their expectations.
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