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Pricing Guide: How to properly price your products - John B. Wilson

John B. Wilson discusses pricing guide: how to properly price your products in this in-depth presentational blog. For more information, please visit!

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Pricing Guide: How to properly price your products - John B. Wilson

  2. 2. The key to success in any business is pricing your products in a way that turns a profit. But correctly pricing your products can often be a complex and frustrating process. While there is no single way to price a product or service, as every business is different, there are some basic strategies that you should use when deciding the price of your products. Below you will find three tips on how to properly price your products. JOHNBWILSON.ORG INTRODUCTION
  3. 3. The fist step in pricing your products is identifying who your customer is. Knowing the demographic and economic status of your customer will help you know what price range you want your products to be in. In order to identify your customers, you can invest in market research done by a professional company or you can send out surveys on your own. From there, you will have a better of idea of what groups of people you want to target, and you will be bale to price your products accordingly. JOHNBWILSON.ORG IDENTIFY YOUR CUSTOMER
  4. 4. JOHNBWILSON.ORG IDENTIFY YOUR COMPETITION Along the same lines of knowing who your customers are, it’s likewise important to identify your competition. It’s recommended that you make a detailed guide that compares your products, costs, and price to those of your competitors. You want to make sure that your prices are somewhere in the same ballpark, as your customers will have done their own research and will be familiar with your competitor as well. Being aware of your competition will also allow you to know where your products surpass others on the market and where they might fall behind. All of this information will allow you to price your products competitively so that you don’t lose out to other companies.
  5. 5. JOHNBWILSON.ORG Perhaps the most important step in pricing your products is knowing all the costs involved in the production and promotion of your products as well as any overhead costs, such as shipping fees, rent, labor, raw materials, and stocking fees. In order to make a profit, you have to know the total cost of everything that goes into selling your products. Creating a spreadsheet that factors in all your costs will give you a good idea of what price to put on your products so that you turn a profit. IDENTIFY YOUR COSTS
  6. 6. THANK YOU! JOHNBWILSON.ORG Please visitFor more information JOHNBWILSON.ORG