If you sell a product or service, one of the key things that you need to consider is the price you ask customers to pay. But most businesses have to decide how to price their goods or service and whether it will be lower, the same as, or higher than their direct competitors.
1. What’s In A Price?
The price you set your goods or services at can make or break your business. For example, you could sell one million units of a particular product and not make a penny in profit because your shipping costs were too high, etc. A low price, staggeringly, can sometimes drive away customers because, as the saying goes, you get what you pay for. Customers sometimes won’t mind paying more for a product if they know that money results in a big improvement in quality.
2. Value Packing
Many retailers today offer the exact same products as one another. Worse yet, they all have price guarantees in some form or another, meaning that over the next month if the price goes down from any retailer customers can get some money back. So what can you do when your competition is selling the exact same product for the exact same price? The only option you have is to...
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