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Everything Can’t Be For The Low:  A How-To Guide On Small Business Pricing Strategy

When releasing a product or service, many small business owners come to a metaphorical fork in the road when deciding on how much to charge their customers. Is this price too high? Am I lowballing myself? Instead of asking how much you should charge, find the value of your product and the best approach to setting a price. One of the biggest mistakes small business owners make is setting a price too high which ultimately scares customers away. Another mistake is setting a price so low that the business only profits a pittance per sale (also known as playin’ yourself). Although it takes a bit of research and brainstorming, your business’s pricing strategy deserves a well thought-out process. Here is a guide on how to choose a price that works for both you and your customer: 1. Determine the value of your product or service Set numbers aside for a moment and analyze how valuable your product is: Is it in high demand? Will it improve the lives of others? Does it provide efficacy to a...

Sep 20, 2019