How to Price Your Products

Price is often considered one of the first factors a customer thinks of when deciding to purchase a product or service. If the price is too is too high, people will not pay it; if it is too low, people may be suspicious of the quality and value of what you are selling. This is why it’s critical to set the right price for products and services in order to keep the business afloat and profitable.

When setting the price for your product or service, you should first consider the unique value that it offers to your customers. This value will depend on how your customers see your product i.e. whether it’s a need or a luxury. Regardless of the category, your pricing should be in line with the benefits of your offering in regards to the target market, whilst also considering the prices you incurred delivering those products and services to them.

This infographic from Business Coaches Sydney provides a step-by-step breakdown on what to consider when pricing your products or services to ensure you get it right.

Garret Norris

Beginning in 1988 in Hotel Management in Dublin, Ireland, Garret worked in the hospitality industry in the UK for three years and then moved to sales and sales management, becoming the CEO of multiple multi-million dollar companies. Garret now lives and works in Australia and is the founder and CEO of Healthy Business Builder and Business Coaches Sydney where he remains dedicated as ever in using his training and real-life business experience to see businesses succeed through disciplined management, creative marketing and committed client services. He is also an expert in Strategic Sales, Business Coaching, Executive coaching, Strategy planning as well as Business Growth at KONA Group where he has been instrumental in developing the primary building blocks of competitiveness over the past three decades.

https://healthybusinessbuilder.com.au/