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, within 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, would 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, on such a pricing system, you will not be able, to get so much, on per unit sale of product, or of your services, but the numbers should bring a lot.
Pricing your good,way expensive than the average, may not be able to yield much, as not many, would 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 business, out for free.
But when you’d struck the average, and seen how much, the average person, in your community, would 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 is business, and has priced his/her good/product, so high, than the average in the community, can be able, to afford, to buy.
How else, can business, move faster?
(Hence, sometimes, it is important, that the Government controls, the price, this way,’ so that, business would boost in the Economy.
(Nevertheless, from city to city, or from Nation to Nation, the average may differ), due to a number of few 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 needful!.
Hence, I tell you, if you should do this, you can sell a product, just for 0.99 cents, or 1$, and can make over 1 million dollars, unlike the other person who has sold the same good of yours for 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 may areas, of 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 use, everybody else, would 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 that, your product is, thus cheap, or thus inferior, based, upon the price, give them a ‘free sample,’ to also taste.
They would, 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, would 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 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 your this spot, and would 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, that he/she has, and begin to create, a product, out of who he is, by using this, formulae, to sell, he will, or she would 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, would 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 by.
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 hath done.
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