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Pricing Add to toolbox

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Setting the right price for your product/business is critical to ensuring you are able to attract customers and bring sales in.

The 2 key things you want to achieve when setting a price are: 

  • Covering your costs
  • Making a profit

You probably want use Cost-Plus pricing; calculating your full costs and adding a % of profit on it, which may seem like it will bring in the most profit for you as a business owner.

The reality is this type of pricing may not be the kind of price your customers will afford to [ay and this could encourage cheaper spin offs of your product/services by competing businesses. 

Here are the factors to consider when setting a price:

  • Finding out a rough estimate (at least) of what your customer would happily pay
  • Your Variable costs
  • Your sales target
  • What your competition offers and charges
  • The forecast of where the industry is headed

Remember your pricing can change with time, as long as you do not change it too frequently. There are always options to offer to enable you to do this without upsetting customers such as enhanced features or products that you could price differently or increase the price for if you add some extra value to it.

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