This is a very important topic to be keen on because we have seen both small and large business owners fail by closing down their businesses or making big loses leading to stress, depressions or even family breakage, in most cases, this does not happen because of anything else, but because they were not keen on how to march prices of their products in the market at a given time. I trust that no one would want to lose money, be it a guru owning billions of dollars or a business starter.
It is because of these reasons that we have decided to save our brothers and sisters from this evil by looking factors to consider as far as price march in the market is concerned. Here are some of the factors to be considered before pricing your products or services.
Target Price March
Timing is a paramount factor to consider in business field. Prices changes, it does change even within a twinkle of an eye, this is why we have people making billions or losses in foreign exchange market. In case you are a trader and you don’t observe changes in seconds, then you will end up crying every day by losing billions of money in the market.
Let’s also take a look at those who break records in athletics, what must they consider to break a previous set record? Time, breaking a record is not only running but ensuring that you beat the set time record either by seconds, minutes or even hours. This describes well what we are discussing here today, you cannot make it as an entrepreneur if you ignore time and set your prices the way you feel like. We have products hike in the evening, at around 11:00Pm In our cities, we also see changes during different days. You must consider time as a factor in business and making money.
Research on Market Prices
This is also another important aspect to consider while thinking of lowering or hiking the price of your commodity. Don’t just give a price to a product or service because the rest are so. It is advisable and very important to go out and research the market price to get you informed. This will help you in making right decision as far as pricing is concerned. Many assume the market price leading to under or overpricing which definitely affects them in case that is contrary to their competitors.
Build your Brand
In case you fell like controlling your own price per commodity different from the rest, then you have work to do. Build Your Brand.
Does banding sound’s big and expensive? It shouldn’t be, we have pretty different ways to brand our businesses without using even a penny. Building your brand is a crucial and important part of building Business Empire by attracting and creating relationships with your customers. This is giving your business a voice, a different, admirable face, and awareness among your customers. With this done, you will definitely control the market.
Price will either shoot or lower according to what majority of people in the same market and business will have decided. It is not a coincident that those in the same market sell the same products or services the same price. Do not also believe that they hold meetings to agree on a given price, no, they are just very smart and observant enough to observe and learn. That is what every entrepreneur should actual do when starting or running a business. You should also look at what is the uniqueness and why such a price for the same product. These are factors which must be considered while carrying out business research.
Before hiking or lowering price of you commodity is important to consider your customer because they hold the final say. Know what they would comfortably to spend on and why spend on that. Ask yourself whether they care about quality or price. Where they buy, time, and distance. This would help in setting price.
Objective of your Pricing
Before you make any a move of either lowering or hiking your product or service you should be more informed as to why you want to do that. Some companies hike to show profit while others lower to get more customers, other because of uniqueness of their products, maybe there exist something extra in that product .
Do not hike because others are hiking. What are your sales strategies? Marketing, surveys and outreaches may affect your pricing in a way or the other. Your target audience can also give you are reasons to act, that is if they feel satisfied with your services and comfortable that you are offering a great brand then that can be a signal.
If what you are selling is in high demand, then you can decide whether to change your pricing or not. Overpricing might mean more, immediate profits and maintaining the same price might mean attracting more customers into your business. Market demand can be as a result of things such as; festive seasons, opening of schools, or product in fashion and it’s the talk of the town.
Use your Discretion
Do not lower the price of your product because others are doing so. Think about cost; consider your bills, doing it without thinking of this might lead you to a place of no return, which is closing your business completely. As long your pricing is reasonable and you feel that lowering might lead to great losses, then you should to hold on and continue with your normal pricing until you are sure that any changes will not put you down to your knees.
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Some products are more sensitive to changes in an employment and workers wages than others, because of this you should be cock sure that any changes made by you will not affect your business negatively. Don’t remain with the same price while you know that things are working or not working as far as your country’s economy is concerned. Most of the time commodity prices changes with change of economy in a country.