How To Price Your Product Or Service

The issue of price setting can be tricky – too low and you leave profits on the table, and could damage your brand image. Too high and you risk pricing yourself out of the market.

Here’s a useful article explaining how to price your products and services. Some of the tips suggested are:

  • Check the market to see how the best selling competitor products and services are priced. This will give you a good feel of what ballpark figure you should be looking at.
  • Calculate your own profit requirements – what do you need to charge to come away with a profit?
  • Consider pricing higher and offering coupons to customers to make them feel like they have got a deal.
  • Test different prices and learn from the data they provide.