Fixed price for the products is the key to success. But the exact price also equally important and is very delicate work. The high price may drive customers away. In contrast, the business risk of loss if the price is too low. In the following factors will help you adjust as necessary.
1. Cheap is not the deciding factor
The new business is often thought to lower the product to win the competition. However, customers are not only interested in price, they were attracted by the value of the item, ie the value of the product / service offers.
If launching premium products, please correct valuation for its value. If selling merchandise and accepting that ordinary profit is not high, you let the low price.
2. Pricing on the ability of customers
The sell off advertising and promotions to attract customers, but whether that is the only factor they care?Companies often enthusiastic customer service or notice of assessment of their serving style.
But companies need not demonstrated the ability to meet more extensive customers.
Instead, learn motivation in buying as well as the needs of your target market and pricing based on their "money" of their customers to reach. Customers buy just because you give them what they value, not only because of cheap item.
3. Adjust prices when profits decrease
The company will hold a cash account at the time of the accounting books were locked in last fiscal. It is the barometer to measure businesses need to adjust product prices or not. When this amount decreased from the previous year, which means you need to adjust prices because the difference between cost and selling price are smaller and declining profitability.
Most customers are familiar and accepted price increases due to increased costs, but also need to show them the clear association between costs and prices.
4. Sales staff for a discount
There are cases when you are having regular sales staff recommended lowering the sale price? The reason may be that your salespeople are not trained to understand the company's pricing strategy. However, it would be a sign that you need to review prices. Once there, you do not have to lower prices immediately, but should establish a reserve price different.
5. Price and value creation
People often say: "you buy a quality equivalent to the amount you pay." When the price is low, you only attract people interested in buying cheap and the profit you earn very little. They may be people who do not pay much attention to product quality, but in fact there are customers prefer to buy products / services are high because they do not trust the quality of the product / service level low price. This shows the price, value creation of the product.
According doanhnhansaigon
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