Make your sale count?  Pricing your product properly

Make your sale count?  Pricing your product properly

  • Why does proper pricing matter for my business?
  • How can I price my products and services properly?
  • What’s the different between wholesale and retail prices?

Story of Ramesh Babu?

  • Imagin Ramesh Babu, a plant store that specializes in creating specific soil varieties for different species of plants.
  • Ramesh a grate botanist, but an inexperienced business owner, and he’s not 100% sure how to come up with price for his soils. Some of them have to be perfected in a lab, while other are just what he digs out of his own garden.

Proper pricing matter?

  • Pricing is not value that comes from market survey, its appear form formation of product form raw material to finish product, advertising cost, logistic, competitors pricing, user offering pricing …..
  • Pricing make value to product.
  • Pricing determines the category of market
  • Pricing makes sense of attraction
  • So, Price your product appropriately using data in order to earn enough revenue, compete in your market and convert first-time customers into repeat clientele.

How can I price my products and services properly?

When you think pricing of product matter then you need to make competitor analysis of the product.

  • Pricing a product requires careful planning and an understanding of the value of the work you put into making it. You’ll want to ensure you’re earning enough revenue to cover the costs of keeping your product — and business — in the market while remaining competitive with other players in your industry.

What price model you see?

  • There are a few different factors to consider before you calculate your product price. First, determine the pricing model that will help you find the balance of value and revenue. From there, you can create a pricing strategy that will help your business grow. Likewise, you can experiment with pricing tactics that will help you fine-tune your price per item.
  • The most common pricing models are:
  • Flat-rate pricing.
  • Pay-as-you-go pricing.
  • Tiered pricing.
  • Price per user.
  • Subscription/membership pricing.

Procut time

  • “You will need to give your product time in the market to understand how customers respond to its pricing. Usually, conducting a quarterly review can help you gauge customer interest and satisfaction”