How to Price Your Goods and Services In A Hard Economic Time.
It is important to know how to price your goods, and as well, your services in a hard economic era so you can get much returns on your investments.
These were some advices the Lord had given to me on how to price your goods, in such a time like this.
According to Him, never price things, too high, or too low, compared to how much you got it-most especially, if you’re going for it in, large quantities.
He had said that, one of the reason why we fail in business is because, we price our commodities, too high or too low, relative to, how much we actually got it.
According to Him, we are actually, supposed to make our profits, based on the numbers, of people, who come to buy, and and not on high pricing of our goods, and services.
Sometimes, the only reason, why we may do that, is also because of selfishness.
Importantly, instead of pricing your product or your service to high, or too expensive, as often find in some businesses, rather, you should strike the average amount, at which everybody within the Economy, would like to buy it, that is, your good, or your services.
Thus, you should never price your goods and services based on the rich only in the society, with the intent of making huge profits on just a singe product, or good, but price your goods and services in such that, the average person within, your locality can afford to buy.
Usually, you can find that out by asking yourself, ‘how much, will the average person (being, the average customer) in the locality, which has to do with both the rich and poor be all able, to afford to buy it-while making sure that the pricing, on which you’re going to price your good is still going to make you profit.
Usually, in such a pricing system you’ll not be able to get so much on per unit sale of your product or of your services, but the more numbers should bring a lot.
Pricing your goods way expensive than the average, may not be able to yield much as not many will not be able to come to by but just only a few section of the Economy, who may, probably not be near, where you’re selling it.
And as well, pricing it too low too may lose the value of that product, and it might end up making you some losses; so we’re not telling you to give your business out for free.
But when you’d struck the average and seen how much the average person in your community will like to pay for this good (both the rich and the poor), you’ll be able to sell to a larger pollution of people in the locality.
Thus, you will be selling in huge numbers, because everybody in the economy, or who lives around there can afford to buy it.
In this case, you can take the business of yours virtually everywhere for the people to buy, unlike the one who has priced his or her good, or services or products so high on the markets that the average person in the community, cannot afford to buy he sells.
How else can business move faster?
(Hence, sometimes it is important that the Government controls the price this way,’ so that business will boost in the economy.
(Nevertheless, from city to city or from nation to nation, the average may differ) due to a number of factors.
So, just know about your locality; where you’re.
Don’t focus on high pricing. Only try ‘high pricing’ on some exclusive deal when its actually needed!.
Hence, I tell you if you should do this you can sell a product, just for 0.99 cents or 1$, but will end up making over 1 million dollars unlike the other person who has sold the same good for about 10, or 15, or 16 U.S dollars.
Never do that, or ‘you will be wasting yourself in the market.’
Now, I will give you want tip, now. You must do this always. However, you must do this, especially when the economy, is down due to the fact that, most people are not being able to afford high expensive pricing and both the poor and the rich want to downsize; which we can find going on in many areas today in our economies.
In this case, your ‘business’ which must be taken to a target market must move faster. Note that it must be toward a target market.
If the business is not toward a target market you’ll lose faster because though your pricing may be low, you’re not reaching the actual people too, which you’d want to sell it to.
Identify where you target market is and go there.
So take your shoe-loving business to where the shoe lovers are; and your watch business to watch lovers (Don’t assume everybody else will love your business). Thus, once you identify your target market you make a lot of sales to the average ‘man’ there, since an average man could spare, to afford; as well,as the rich t
However, make sure, your product satisfies (upon important quality) have an important product-a product that satisfies, so that, it could easily be loved, and bought, by your target market.
This is very important so that when they are begin to think the goodness of your product is, thus cheap or thus inferior, based upon the price, give them a ‘free sample,’ to also taste.
They will actually begin to change their minds.
‘They won’t say that, ‘Wow, I like your product, but I’m not able to afford,’ the price, is also, economical, affordable, to the average person, in the economy, which everybody else can afford.
Immediately, they may buy one based on these three major parameters
- Good Quality
- Good Average Pricing
- And availability, (because, you carried it to them).
These will make your business go faster while as well, collecting their good reviews from them, to add up and strengthen those 3 parameters you have above.
Note, that as long as we’re in business there will always be the temptation to get your price high enough, especially the moment you start making money.
Please, you shouldn’t do that because your competitor may see this spot, and will see your old pricing method, and then price the good at this spot with the same trick, and start earning much as you’re.
Also, you should never change your ‘best customer service system or the beautiful or attractive packaging you, used to have,’ because, packaging adds to the beauty and sells.
Personally too, you should also be neat, and attractive as your package.
Practically, the Lord had told me that if every man should look at himself or herself and upon his natural talents and then giftings,he or she should create a product , by using this formulae to sell he will or she will make much more, in life.
So, learn to create, your own product, and use, these few pricing steps, to be selling them.
Yes, you may get a profit of 1$ on each product or service, as against the one, who is planning to get about, 7-10 dollars on each single product. Business doesn’t work, like that.
They may fail.
They may actually have their goods and services with them forever, and some that need to expire will expire, leading them to much losses.
Hence, for want of exorbitant profits a lot people try to overly price their businesses or services too high and by so doing, set them up for ‘few qualified people’ (and not as many people) to buy; so then the business is targeted to the few people with that limited purchasing POWER.
That is how a lot of people are suffering in business and their businesses are not going on well or faster, because the prices does not fall in the range, whereby the average customer in the community can afford to buy.
Now, despite all these, you should always, make sure, it is your left over, you’re selling, in the business; so that, even afterall, if they don’t even buy, (though they will), it will not determine your fate, because, it is your, leftover, and you have a lot of back-up at home.
Thus, you’re doing business, in a much more comfortable Zone.
The sales do not determine your living. I have explained, much on that).
To God be the Glory, for Great Things He has done.