Pricing is an important and delicate part of the business. How do you get an okay- price that is convenient for both the seller and the buyer? How to get the best price for your customers?

This is why pricing is such a scary topic for many entrepreneurs because how you price your goods/services can influence your cash flow.

This blogpost will show you how to price your products using three(3) quick and simple to understand principles of pricing.

THREE THINGS TO CONSIDER BEFORE YOU DECIDE YOUR PRICE

  • MAINTAIN YOUR VALUE: The bedrock of sales is value. Your ability to solve problems is what gives you value, although a business aims to make a profit, it does so by making proper plans through an organized structure to make sure that the customer gets the value for money spent.

So how now can you price the value you serve? We know that every business owner/entrepreneur insists that they solve a problem, to decide the price by your value, you must put the logistics of your cost of production and transportation of goods to goods/services to the customer, and of course, what you plan to profit.

NB: it is wise to note that if your profit is equivalent or even more than your price of production, it will be considered as a rip-off by your customer, and this tends to chase them away.

  • DO NOT MAKE YOUR PRODUCT CHEAP: Most businesses come under the assumption that you need to make your product cheap for it to sell. Not all businesses can afford this, and I’ll advise you not to even try this as a young business owner. The key to getting sales is not by making products or services cheap. The key to increased sales is to make your product or service affordable!
  • MAKE SURE WHAT YOU SELL /PROVIDE IS AFFORDABLE: Making your goods and products affordable is a totally different ball game than reducing your price. rather than inflating the price of your service, you can make an affordable package for each and every customer.

For example, www.ubuy.ng offers help services to customers who need to get various tasks done, from catering to DJ services, even artisans are all available on this platform.

Rather than registering, then inflating your service prices, why not work your way up the review ladder and get more ratings so customers can know your level of expertise in a particular area. Before thinking of price increase, there must be an increase in value.

Remember, people don’t buy cheap products, they look for better deals. so you must make your services affordable to suit the customer.

Good pricing brings customers and more customers to bring growth to any business owner or service provider, do not fall into the trap of chasing customers while chasing profit.

Author

creative content writer, Ubuy.NG

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