{"id":4591,"date":"2019-08-30T08:35:06","date_gmt":"2019-08-30T08:35:06","guid":{"rendered":"https:\/\/www.fatrank.com\/?p=4591"},"modified":"2022-01-19T08:01:13","modified_gmt":"2022-01-19T08:01:13","slug":"setting-the-right-price","status":"publish","type":"post","link":"https:\/\/www.fatrank.com\/setting-the-right-price\/","title":{"rendered":"Setting The Right Price"},"content":{"rendered":"

How much should I charge for my service Dooley<\/a>?<\/p>\n

I get asked this question a lot and setting the right price is so important to business profits.<\/p>\n

There is no such thing as a price that is too high if someone is willing to pay it<\/em><\/strong><\/p><\/blockquote>\n

So many entrepreneurs<\/a> do this wrong and it can affect your business growth significantly.<\/p>\n

Pricing Your Product<\/h2>\n

For your product to be successful, you have to take into account more than just a great idea or service. <\/span><\/p>\n

Pricing your product correctly is imperative, along with understanding your customers budget and completing a thorough competitor analysis. <\/span><\/p>\n

From personal experience, bundle building, cross-selling and upselling is also crucial when pricing your product.<\/span><\/p>\n

We spoke with a bunch of entrepreneurs on their top tips to pricing your product\u2026 Here\u2019s what they had to say:<\/span><\/p>\n

What is the customer willing to pay for my product?<\/h3>\n

It’s very easy to fall into the trap of \u2018assumption\u2019. <\/span><\/p>\n

We as humans make subconscious assumptions of what a customer would be willing to pay without even asking them. This behaviour is also known as unconscious bias, where we stereotype and form opinions which dictate how we influence others.\u00a0<\/span><\/p>\n

You will find many companies use the method cost-plus pricing, for e.g. if your product costs \u00a31 to make, they will sell it for \u00a32. Pricing SHOULD be only be based on what the customer is willing to pay. If your product has <\/span>value<\/i><\/strong> to the customer then they will pay a lot more than double.\u00a0<\/span><\/p>\n