How to Price Your Product or Service the Right Way
A simple tip is to market your product to the upper class or the elite crowd, and make it exclusive. People are willing to pay more if they believe it puts them in a more exclusive group. People that belong to this elite crowd won’t mind paying a higher price just to remain exclusive. You can have a regular version of your product selling at a normal price and a “limited edition” one that costs a lot more, but gives the customers an edge over the others. This will attract the attention of people who are looking for “a little extra” in the products they buy on an emotional level. Using this kind of psychological trigger will raise the value of your product to those who fall within your target market. This isn’t an one size fits all solution but it will work quite often.
Have you included better quality or additional features that your competitors don’t offer? If yes, you have the advantage of raising your price over theirs because you can deliver that extra value. This allows you to stand out from the competition and at the same time, it makes it easy for you to show your prospects that what you’re charging is justified because you’re giving more than anyone else. So those customers who are actively seeking higher quality products will be happy to pay the extra money.
It will be a mistake to run sales- don’t make it. When you have frequent sales for your product, you’re in a way telling your customers that your product isn’t worth the price you’re selling. And if you do have sales on a regular basis, people will just wait for the price to come down to buy your product. It’s a better idea to set a price that is appropriate for the value of the product. Avoid setting a price that is either too low or too high. Set the price you feel is right and stand by it. Holding sales makes your product seem lower in value.
In conclusion, the price you set for your product should depend on a variety of factors, but the tips given here should give you a good start. So if you really want to enjoy a level of success with your product, be sure the price you set is justified and that you’re offering top level quality so you live up to your customer’s expectations.
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