No matter how good you think your product is, don't hike your price if you're new to the market. People will only come back to patronize after they might have used your product. But if the price scare them off, they have no way of coming back. Always set a good price.
Always set a good price for your products.
- Thread starter Mmykel
- Start date
The challenge we have in our society is that we have too many talented and capable people. But we have very few people that can do business. To set a price requires that both sides are balanced.
If you are new to the market, you should keep your price low, you don't even have to make profits, it will be enough to sell for no profit and no loss method., the point of doing this is to build enough confidence in your buyers.
Price is very important for new products. You would need to give it an affordable price to bring on customers.
Exactly.. totally agree with you. Let other business set the price for you. Also selling at very low prices raises eyebrows, people.tend to think you dont sell quality products. So it's best to set the same trend
Before you set a good price for your product, you need to consider several factors such as the costs incurred to make a product per unit, the target market and the level of competition. There are several strategies that you can use to set a good price, including loss leaders, dynamic pricing, basing points, etc.
Pricing is one of the key factors for the success of any business, let's suppose I am selling rice then first I will purchase it from the wholesale market then I will do the costing, the traveling expense, and other then finally I will set the price of that particular rice. I will set my profit up to acceptable level.
That's true. I have an online shop and I always try to set a good price for my products in order to be competitive, otherwise I will not make any sales.
That's the right thing to do . This will help you lure customers.
Some companies offer introductory price for their new product. The aim is to attract customers to try their new product. I find this pricing approach quite effective.
