Setting the Right Price for Your Unique Product: An Business Owners GuideJan 30, 2023
You have a product that you feel will bring so much value. In fact, you've put your heart and soul into developing this product. It is the best thing since sliced bread.
You've created something that you know your customers will want. So what is a fair price? What should you charge?
Well, in today's blog, We're going to break this down and we're going to talk about how to price so that your customers will buy and you will feel good charging what you charge.
You're going to learn how to
- You should go about charging for their products and services.
- the approach of setting the price based on what competitors are charging, as it would result in a product that is just a cheaper version of the competitor's.
- setting the price based on the value it brings to the customer and how it solves their problem.
- The speaker uses an example of a toothache on a weekend to explain that when someone is in pain, they are willing to pay a certain price to solve it.
- that the price should be set based on the benefits the customer will receive, not just the cost of production.
- considering the customer's price range to determine where to start pricing.
In conclusion, pricing a product or service is a critical aspect of a successful business.
Rather than just following the competitor's prices, it's important to set the price based on the value it brings to the customer and solving their problems.
By considering the customer's price range and the benefits they receive, you can ensure that you charge a fair price that both your customers will be willing to pay and you will feel good about.
Remember that the key to successful pricing is finding the right balance between the value you provide and what the market is willing to pay.
I hope you enjoy Today's episode