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How to Set the Right Price for Your Product of Service

by Patty MacDonald

While creating a good quality product and getting your marketing strategy right are vital to your business, knowing how to set your product pricing is just as important. If you are able to price the product in such a way that it helps your customers and at the same time gives you the best returns, there's nothing like it. This article will look at some options for getting your product pricing right.

See if you can find out how much your competitors charge for their own products. This kind of research will show you why they chose that price range and which products are overpriced or underpriced. Don't bypass this step as it can help you to determine how much your own product is worth. If you see that your competitors are overcharging, you can bring down the price and let your prospects know that you're offering more value at a less price. Alternatively, if you recognize a product that is underpriced, you can raise your price and offer better value instead. Doing this won't bring down your business, in fact people will be happy to pay the true price of the product. So market research is always helpful, especially when it comes down to the price.

Reach out on an emotional level to get people to pay a higher price. Let's face it; we hardly buy products based on logic, most of the products that are purchased these days are for emotional reasons. So if you can appeal to the emotions of your prospects, you'll be able to get many of them to take action. Use strong sales copy that justifies the price of the product by highlighting the many wonderful benefits the product offers.

Lastly, always take the opportunity to offer your customers far superior quality and service than your competitors can at every turn. If this means investing more, working harder, striving further, do it. If you can get your product to stand apart from the crowd, a higher price will be justified. Your customers will be doing comparisons between products to find good value, so be sure your product is the obvious choice, regardless of the price tag. Don't bother with customers who aren't concerned with quality and who only shop around to find the cheapest junk they can find. Focus on developing a product and an offer that is irresistible to customers and the price tag won't matter to them.

In conclusion, this article should highlight how your price can be affected and even determined based on what your competitors are doing. Take the time to know who your competitors are and what they offer. Your primary goal needs to be working on offering great value so that your returns will be better for the price you're charging. Always remember that your price is something that you can change. Work on ways to continually improve your product and your offer so that you're justified in charging your customers for that extra value. Revising the price from time to time is healthy, as long as you're living up to it and giving your customers the value they deserve in every way.



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New Unique Article!

Title: How to Set the Right Price for Your Product of Service
Author: Patty MacDonald
Email: Submissions@robselaney.com
Keywords: make money online,work from home,marketing,business
Word Count: 525
Category: Marketing
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