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Elevating your leadership | “I don’t care that they stole my idea…I care that they don’t have any of their own.” – Nikola Tesla

How to price your product or service


Pricing your product or service effectively is of great relevance with respect how well it will be received in the market. While it is not the only aspect of importance, it certainly impacts how your prospective clients will think about the value of your product or service.

In order to be competitively priced, you must learn all you can about the market, your industry, particular segment you are in (including your competitors). Then, price the product slightly above the average price point (assuming you provide greater quality and value, which you do). Additionally, you can target a luxury market/brand and therefore price higher, but at that point you really need to differentiate yourself from competition, mostly in exclusivity and client experience.

Finally, you can always low ball the market and go for pure volume, but be careful that you have the infrastructure in place to handle a potential influx of orders, because not being able to do so can seriously damage your brand and reputation. Also, competing on price alone is a race to the bottom and it is not sustainable long term.

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