What should I consider when pricing my product?
I know that I need to at least make back what it costs to make, but how do I know how big of a markup I should take? Will it be different if I sell my books on my website vs in a store like Amazon or Barnes n Noble?
Use a process like Real Estate agents do when doing an analysis on home values. They look at all the homes in an area and then determine one by one, is their house better or worse than another. Your house must sell for than homes that are better, but more than homes which are worse. Eventually you come up with a happy medium. Example, if your product was a treadmill, I'd look at 20 different treadmills and there prices, side by side. Then find out which one are closest to yours, and then one by one ask your self 'is my product better or worse then this one?" If yours is better. then you should be able to get more money. When you see your product is inferior you should expect to get less. Find the middle point. Bottom line, if the marketing is there and you're not selling. you probably overpriced yourself. I hope that helped.
Things to consider when pricing a product
Whether you are starting out or starting over, here are five factors to consider when pricing your products and services.
Costs. First and foremost you need to be financially informed. ...
Customers. Know what your customers want from your products and services. ...
Profit.Ready? Click a gclub directory and start choosing the best online games casinos you can find.
Chances are, you have a unique product, at least in some way. However, that said, you'll also likely have competition to compete with who make similar products or offer similar services.
The more unique the product/service, the easier it is to put it into its own price category. For example, if it's a handblown pendulum light, it's so unique (one of a kind!), you can price it as you wish. However, if you graphic design services or website design, there will be similar businesses in your league. What can you do to create your OWN unique brand? What twist can you spin, using your traits, gifts, talents, on your brand to put it further or completely into its own league? The more unique your product, the more flexibility you have in terms of pricing choice.
Most importantly, know your worth! If, for instance, it's a product you created yourself, it's imperative, when pricing your product or service, to feel equality between the "giver" (seller) and "receiver" (buyer). If you don't think you're charging your worth or value, you'll keep attracting a lack of abundance because your customer will "feel" that sense of "unworthiness", too. Your customer has to feel as though what you're offering is worth the "price tag."
#1 Celebrity Numerologist in the World, 2-Time Bestselling Author, Motivational Speaker
CEO, Authentic You Media
Featured Columnist, Face/Brand of http://www.LotteryUSA.com
Talent Agent: firstname.lastname@example.org
Literary Agent: Italia@ghliterary.com
You should know the purchasing capacity of the people who are going to become your customers, If you have priced your product without knowing your customers' purchasing capacity then it will not be a good thing for your business. To know this you can do a little survey in your area with product detail. You can ask the people directly by word of mouth, It will make a good impact on your customers.
I think you must take care in mind the total worth of the product plus the expenditure you've made on the product individually. Also, you need to take care that the price should be reasonable enough to reach the targeted audience.
I think the first thing you need to do is to do a market research. Find the existing book in the market, whose content related to yours and think about your targeted audience. I hope that this thing will be helpful in pricing your product.
My business is a service business: So, I look at competition first, do a thorough review in my space and region; then I look at my costs, base costs plus any subcontractor or materials. Then I estimate margins based on all my expenses (healthcare, office supplies, travel etc); I also use salary wizards to have insights on an FTE with my experience and depth of knowledge to know what they make annually.
Products: I wrote and sold books a few years back. Any other platform (ebay, amazon etc) all have percentages, so make an adjustment. You have shipping and handling costs, strongly recommend you combine into a flat rate. Managing by location (zip) is a nightmare. Pick an average and use that as your shipping and handling. Go to UPS or post office and find out what weight, materials, labor cost and postage from the nearest city to the furthest away, and pick and average.
Interviewing publishers help you in understanding the business. Books aren't moving like they used to, so be careful.
What people will pay for it. That's the only thing that counts. If you can't produce it for less than that and make your target profit, then you're in a losing proposition
I completely agree with your opinion. What people will pay for it ! Yes ! You should aslo consider give a free trial for some days to collect emails. After that, use email marketing to promote your products to them. I have an excellent solution for growing your business.
You Can Check Out The Solution HERE: http://acdc40.com/PushConnectNotify2017
This is a review about this solution: http://acdc40.com/push-connect-notify-2017-edition-review-bonus/
Thanks ! Hope this helps !
Pricing is as simple as what can you charge to make money? While you can look at competition to help set an idea - it's not cut and dry, charge what they charge. Your competition may sell at a different price because of recognition, or because of volume. You didn't specify your product, and there may be mroe considerations, but Amazon for example can sell at a slightly different price than other sites/stores, because of the volume of shoppers, and their purchasing power. They're able to make smaller margins on some goods, because they'll make it up selling different items elsewhere. Also, Amazon and Barnes and Noble may give you a false sense of competition and pricing because of this. Different books, will have different value to some buyers than others - and the more demand the higher that can be charged, as long as the buyers see value in that cost. You could charge less - - - but you'd have to know that you're trading that lower amount per item, for selling more items - otherwise in the end, you're just making less money. You could charge more, but then you're going to sell fewer of each - if you're way out of the 'value' spectrum. It really comes down to what is your value to customers, and can you meet somewhere in the middle?