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  • How Would You Price Your Product?

    It is a big question-how you price your product as you take it to market? Not only does it drive your revenue number but also the profits you can take out of it at the back end. So, what is your pricing strategy? There are three typical ways that people go about pricing things:


    1. Cost plus - some businesses take the cost of their product, add a mark up and take their products to market.

    2. Competitive analysis (also known as me to) - some business owners will look at what their competitors are charging and base their prices on that number (either a little higher or a little lower).

    3. Value - some businesses base their pricing on what the marketplace is willing to pay. A great example of this is toner cartridges for home printers. They cost around a dollar or two to make and they sell them for $35 because the market is willing to pay it. Pretty good deal.

    The key on pricing your product is that you need to make money. You need to look at your fixed costs, add in salary for yourself, and make sure you cover the variable costs for your products.

    Some tips to pricing:

    1. It is always beneficial to understand what your competitors are doing-market research is important.

    2. It is always beneficial to understand your cost structure and to strive to reduce costs as much as possible while maintaining or improving quality.

    3. If you can't make money, there is no reason to carry the product (unless it is an intentional loss leader).

    And, if you haven't raised your prices in a while, now is the time.

    Step 2 of the Adjust Prices wizard will provide a list of all the products to be affected. If your pricing rule specified for all products to receive a 50% markup from their average cost, then the Adjust Prices wizard will indeed affect the prices of products. Likewise, if your pricing rule only applied to a Product Tree, then only the products within that tree will be adjusted. After verifying the new prices in step 2, choose Finish to complete the wizard. The product prices will be adjusted immediately.

  • How Would You Price Your Product?

    It is a big question-how you price your product as you take it to market? Not only does it drive your revenue number but also the profits you can take out of it at the back end. So, what is your pricing strategy? There are three typical ways that people go about pricing things:


    1. Cost plus - some businesses take the cost of their product, add a mark up and take their products to market.

    2. Competitive analysis (also known as me to) - some business owners will look at what their competitors are charging and base their prices on that number (either a little higher or a little lower).

    3. Value - some businesses base their pricing on what the marketplace is willing to pay. A great example of this is toner cartridges for home printers. They cost around a dollar or two to make and they sell them for $35 because the market is willing to pay it. Pretty good deal.

    The key on pricing your product is that you need to make money. You need to look at your fixed costs, add in salary for yourself, and make sure you cover the variable costs for your products.

    Some tips to pricing:

    1. It is always beneficial to understand what your competitors are doing-market research is important.

    2. It is always beneficial to understand your cost structure and to strive to reduce costs as much as possible while maintaining or improving quality.

    3. If you can't make money, there is no reason to carry the product (unless it is an intentional loss leader).

    And, if you haven't raised your prices in a while, now is the time.

    One of the secrets to business success is pricing your products properly. Price your products correctly and that can enhance how much you sell, creating the foundation for a business that will prosper. Get your pricing strategy wrong and you may create problems that your business may never be able to overcome.

    "It's probably the toughest thing there is to do," says Charles Toftoy, associate professor of management science at George Washington University. "It's part art and part science."

    There are a variety of different types of pricing strategies in business. However, there's no one surefire, formula-based approach that suits all types of products, businesses, or markets. Pricing your product usually involves considering certain key factors, including pinpointing your target customer, tracking how much competitors are charging, and understanding the relationship between quality and price. The good news is you have a great deal of flexibility in how you set your prices. That's also the bad news.

    The following pages will detail how to meet your business goals in pricing products, what factors to consider when pricing, and how to determine whether or raise or lower your prices.



  • How to Price Your Products: Meeting Business Goals

    Get Clear about Making Money
    The first step is to get real clear about what you want to achieve with your pricing strategy: You want to make money. That's why you own a business. Making money means generating enough revenue from selling your products so that you can not only cover your costs, but take a profit and perhaps expand your business.

    The biggest mistake many businesses make is to believe that price alone drives sales. Your ability to sell is what drives sales and that means hiring the right sales people and adopting the right sales strategy. "The first thing you have to understand is the selling price is a function of your ability to sell and nothing else," says Lawrence L. Steinmetz, co-author of How to Sell at Margins Higher Than Your Competitors : Winning Every Sale at Full Price, Rate, or Fee (Wiley 2005) and a business consultant in Boulder, Colo. for 40 years. "What's the difference between an $8,000 Rolex and a $40 Seiko watch? The Seiko is a better time piece. It's far more accurate"¦. The difference is your ability to sell."

    At the same time, be aware of the risks that accompany making poor pricing decisions. There are two main pitfalls you can encounter - under pricing and over pricing.

How to price your product. Answering: how to price my product?

When thinking how to price your product one of the most important things to consider is that pricing your product to be cheaper than all your competition is not usually a very good idea. Apart from any other consideration, do you really want to be the lowest paid business owner in your niche? I very much doubt it. Yet many businesses think that if their price is the lowest they will automatically attract the most business. This could be true and yet you could still finish up earning way less than your competitors.