Life of a Business Owner

How to set the price for your product?

There is only one mistake you can make when setting a price for your product: pricing it too low. Usually, this comes from a desire to find an amount that our clients “can afford” instead of putting up a price high enough to make money.

There is no such mistake as a too high price because the price in itself is just a number. Maybe you are not good at showing the value that the client gets for that amount. Perhaps the client is not trusting you enough. One more possibility is that your product is terrible. 

So if they are not buying it from you for that price, don’t lower it, but look above for an answer.

I give you another puzzle: imagine that all sellers in your niche have doubled their prices overnight. Half of the sellers will now go bankrupt because the buying power of consumers have not increased. The surviving part of the sellers somehow managed to show the buyers the value that justifies a higher price. 

Will your company be among those who survived? If yes, how did you do it? Got the answer? Start doing it now.

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