06.12.2018

How do you price your products?

How do you price your products?

Do you base it on time, cost or value?

What do you do?

Pricing is important no matter what your business and you have a lot to consider when setting your price.
  • What are your actual costs?
  • Do you require any manufacturing?
  • Do you employ staff?
  • Do you pay for marketing?
  • What are your insurance costs?
  • How much do you spend on equipment?

Things to consider

Think about your target market.
What can they afford? What do they require?

Think about what your product or service gives your customer.
Can they just use it once? Will they make money from it?

You need to think bout the value your product or service gives before you can price it.

Your product may be only single use and very cheap to make, therefore you can't really charge over the odds for it. Whereas if your customers can use your product repeatedly and the manufacturing is expensive then this gives the product more value.

This same approach can be used whether you have a product or service to offer your customers.


Value over Price

Don't undervalue your products or service, you may feel like you are overcharging in your business. However if someone is receiving excellent value over a long term period then you have to consider what they get out of it. 


Tips to remember...

Make sure you cover your costs
Ensue you make a profit
Review your prices regularly
Remember 'Value' not 'Price'


Happy to help
If you have any questions or would like help implementing any marketing strategies remember Pzazz

Put the PZAZZ back into your business

I'm a sales and strategic marketing specialist, I've worked with UK and International companies researching and training in the sales and marketing field to enable me to have a wider knowledge of how…

Business Management

Unlocking the knowledge in the room

Meetings are blighted by the problem of participants deferring to the ideas and opinions of the highest paid person in…
Business Management

The problem with conformity.

Conformity contributes to how we feel part of a movement, a tribe, a family or any grouping of human beings. But, there…
Training and Development

What would you like to do?

Remember when you were a small child?I don’t remember that far back these days, but watching my daughter grow over the…

More Articles

Property

I noticed your blog on the Liverpool / Manchester...

Manchester and Liverpool Commercial Property Club Yes They have been useful and I have met a number of useful…

Would you like to promote an article ?

Post articles and opinions on Liverpool Professionals to attract new clients and referrals. Feature in newsletters.
Join for free today and upload your articles for new contacts to read and enquire further.

Find the right professionals in Liverpool

View The Full Index

Search By:

Submit your Enquiry here

Enquiry Details

Contact Details