How Do You Get The Pricing Right?

Actually, there’s good news and not so good news to that question. The good news is there’s no one method fits all. And the not so good news is, there’s no one method fits all. There are different kinds of pricing strategies in business. Each one is peculiar to the product, service and/or market.

Hence, selecting the best price for your product/service requires careful consideration of various factors considered key to your business.

You have to consider your customer or target audience. Also, you have to be informed about your competition and their prices. Also, you must have a full grasp of how much it is costing you to do business and stay in business. More importantly, you have to understand the factors/powers that control the market (demand, supply, inflation, etc.).

Factors to consider when pricing your product or service

1. Know your target audience
2. Know your competition
3. Understand the value of your product or service
To read more, go to >>https://www.entrepreneurs.ng/factors-to-consider-when-pricing-your-product-or-service/