Setting The Right Price
Pricing is a huge topic, for today I want to focus on price as a measure of value. Your customer’s perceived value of your product will partly depend on the price. Most people will automatically assume that a £25 product is better than a similar product costing £10. What perception do your prices give to your customers?
· Does the price of you product reflect value? Quality? Affordability? Or are they seen as ‘cheap’?
· Does what your price reflects match your customer’s desires? Are you sending out the right message? What do you want your customers to think about your products? How can your prices help you achieve that?
Remember, not every customer is looking for cheap!
Don’t let your own confidence get in the way of pricing your products correctly.
Do you need to adjust your pricing to ensure the message you’re sending out about your business is congruent?
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