Nine Crucial Questions You Should Ask Before Setting Your Price.
Whatever you do, please don't set your product or service's price before asking yourself these nine crucial questions. You'll notice that some are easier to answer than others. The point of them is to make you think and contemplate. There is a lot more to setting a price than you might have thought.
Here are the nine questions:
1. What is my cost?
2. How much profitably do I want per unit?
3. How many competitors do I have?
4. What are my competitors charging?
5. What is the perceived value of my product in the market?
6. How difficult will it be for customers to switch to an alternative product or service?
7. How price sensitive is the market?
8. What are the prices of complementary products? (E.g. printers and ink, cars and fuel).
9. What are the demand trends for my product or service?
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