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How To Set Prices
Danny Austin
Your product or service
must be priced to entice buyers and cover your overhead, production,
distribution, labor and marketing costs. And most important, you need to make a
profit. To do that:
What are your personal financial goals?
Your goals impact your
pricing strategy. For example, some people want to make a million dollars on
one idea. Others want to make $50,000 to help fund their business development
activities.
Do your own research.
Pricing is subject to market forces and consumer demands. Obtain information
to help you predict your market in terms of sales potential, growth prospects
and trends.
Obtain competitive information.
Consumers price shop. Walk into stores, and use the internet to uncover your
competitors' pricing strategies. Unless you provide special features for which
consumers are willing to pay more, your price has to be competitive.
Are your costs covered?
At first, you will be using your "best guess" cost estimates. As your business
grows, track your real costs of doing business, and reflect them in your
pricing structure.
Re-evaluate your pricing and
see if you are setting it for success.
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