Do you relate to this question? If your answer’s yes, you know how hard determining price is. Price your products too high, your sales take a nosedive, price it too low you’re unable to maintain the business, right? You’re left to ask yourself this question each time you produce a new product. Consumers are driven by how valuable your brand is. Companies like premier glow have been producing quality products. They are therefore able to charge a premium for their products. Here are a few tips to help you determine how much you should charge your clients for your products:
The best place to start when determining the price of your products is looking at the competition. Look at their products and compare them to yours. Are your products similar or inferior to theirs? Better yet, are your products better than theirs? Your answers to the question should help you determine the price point of your products. A rule of thumb consumer’s use is: superior products are expensive, inferior products are cheap. While it may not be always true, sticking to the rule will help you determine the price.
An online presence in this day and age is as important for businesses as their physical address. Why? Consumers are able to reach you if they require your assistance or give their views on your product. Once you roll out the product give samples of the product to some of your consumers. After using the product, ask them to give feedback regarding the product. You should ask questions such as: What is the quality of the product? How much would they pay for the product? Would they recommend the product to family and friends? Answers to these questions should help you determine how much you should charge for the product.
Before pricing your product, you should look at the quality of raw materials used to create the product. It goes without saying the higher the quality of materials used, the higher the price of the product. So as to not isolate a segment of the market, you should look to use materials that are not too expensive, while not being cheap. This will create a product that can be fairly priced without having a dip in the quality. Once you get this balance, customers will be giving rave reviews of your product.