Prices: all you need to know
If you are trying to sell something on the Internet, pricing your services/products would be the most important decision you will make. Since the Internet offers thousands of alternatives to customers, you must keep up with the competition. Prices will determine how long you can stay in the market.
You need to get a clear idea about prices. How far can you push it? How often do you need to review prices? A lot will depend on how you handle this stage of the business.
To start, you must identify a group of consumers and then estimate how much they would be willing to pay for your services or products.
But in addition to that, you must also make sure you get some benefit for yourself. And very often these two demands can be in conflict with each other. Different people use different techniques to price their products. Some of them have a scientific basis and others do not. Below is one such procedure that works with an understanding of the cost of production, customer expectations, and other actors in the field.
Cost is defined as the total sum of the expenses incurred in making a product. Expenses include the cost of raw materials, machinery, packaging, delivery, etc. Price is the amount customers must pay per unit of their product/service.
In order for you to make a profit, the price must be more than the cost. Your prices should be consistently higher than cost if you plan to run your business for a long time, except in special cases. Sometimes you can lower prices, for example, to enter a market. Starting with lower prices than your competitors will make people notice you, and once you have a decent number of customers, you can gradually increase your prices!
If you are trying to sell something on the Internet, pricing your services/products would be the most important decision you will make. Since the Internet offers thousands of alternatives to customers, you must keep up with the competition. Prices will determine how long you can stay in the market.
You need to get a clear idea about prices. How far can you push it? How often do you need to review prices? A lot will depend on how you handle this stage of the business.
To start, you must identify a group of consumers and then estimate how much they would be willing to pay for your services or products.
But in addition to that, you must also make sure you get some benefit for yourself. And very often these two demands can be in conflict with each other. Different people use different techniques to price their products. Some of them have a scientific basis and others do not. Below is one such procedure that works with an understanding of the cost of production, customer expectations, and other actors in the field.
Cost is defined as the total sum of the expenses incurred in making a product. Expenses include the cost of raw materials, machinery, packaging, delivery, etc. Price is the amount customers must pay per unit of their product/service.
In order for you to make a profit, the price must be more than the cost. Your prices should be consistently higher than cost if you plan to run your business for a long time, except in special cases. Sometimes you can lower prices, for example, to enter a market. Starting with lower prices than your competitors will make people notice you, and once you have a decent number of customers, you can gradually increase your prices!
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