How to Price Your Product
Coming up with a pricing strategy can be difficult. You must consider your production costs, shipping and handling, marketing, and other expenses. You also need to make sure you are making a profit. Most businesses set their sights on the competition to find out how they can lure customers. You can charge a higher price if your product is of better quality. If it’s not as good, you’ll need to be more competitive with your pricing. Peter DeCaprio says you also have to decide if you want to charge a flat rate or offer discounts for bulk purchases. Some businesses choose to offer free shipping or discounts for loyalty programs. Others prefer to keep their shipping and handling fees separate from the product cost. Let’s set aside the technical decisions to be made later and focus on how you can attract customers with your product’s price. Setting the Right Price… Read More »How to Price Your Product