What is the Right price?
Most small business owners struggle with this question, because they confuse the cost of producing the product with the value it brings to the customer.
It is All About Value
When it comes to establishing a price for your goods or services, the value of your product has absolutely nothing to do with production cost. The value is based on how much you help clients save, increase, reduce or improve. If you can quantify these benefits, then you have a foundation for establishing an appropriate price for your goods or services.
Calculate Your Value
To determine how much value do you deliver start by answering these questions
Focus on the Benefits
Customers buy the benefits, the solutions to their problems. If you can associate a dollar value with specific benefits, you have a powerful message to include in your marketing material and a solid foundation to charge a premium price for your product!
Pricing is just one of the key elements of your business plan. Start working on yours today. https://digitaltoolbox.club/register-sp07-business-map/
Former Regional Director at East Central Indiana Small Business Development Center
1 年This information seems so fundamental, but is easily forgotten. Trying to sell on low cost can be a race to the bottom - a hard lesson to learn.
Business Coach ??Productivity Coach Specializing in Helping Coaches, Consultants, Entrepreneurs Get Out Of Their Own Way.?Avoid Burnout, Be Super Productive ? Find, Hire Train VA's | Author | Speaker | Podcast Host
1 年A great reminder!!
Working with creative, innovative leaders to show them how to build the processes, structures, and plans for sustainable growth.
1 年Great post Lorraine. I find value is intertwined with emotion too. When we can show how we can make their lives easier by solving their problem we tap right into that.
Senior SEO specialist at ITC Infotech
1 年We provide paid guest post Backlink services I have good quality websites