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What price should I use?
Whether you are selling products or services, setting the right price structure is crucial to maximizing profits.
Set the price too high and the competition will grab the business, set the price too low and you leave potential profits on the table.
First, know the market by doing your research carefully:
- Competitive prices may be available on websites or your existing customers may share information with you.
- Be careful that you are not being given misleading information to induce you to reduce your price.
- There are many components to pricing. There may be quantity discounts, favorable payment terms offered, bundling of different products and services, contract commitments etc.
- And always remember it’s value that counts and that includes factors in addition to price. Quality of service, prompt attention to orders and requests for help, on-time delivery and follow-up all count to enhance value.
Building customer relationships will make you the go-to supplier and the more you are seen as the business partner and not just the supplier the more secure your position will be.
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