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Have You Learned How To Perfectly Price-tag Your Products?

Activities  |  2022-3-20 06:19 Infinix X688B 119

The issue of perfectly price tagging products or services is a complex one owing to the various factors that affect it.

(This post is particularly for those who sell or offer physical products or services but digitalpreneurs can glean a lesson or two from this too.)

From my experience as a sales representative whose work involves daily contact with professionals and career persons in different fields, I have learned a few things about price tagging.

There is no celebrated rule for price tagging because they are many factors that serve to evaluate the worth and marketability of a product or service, particularly for physical products.

You just have to apply what works for you in your area, business zone, and general environment.

As you think of the right price to tag your product or offer, keep these few points in mind.

▶Some customers put prices side by side with quality. They believe the higher the price the better the quality. These types of customers underrate products and services when they hear lower prices.

▶Some customers are 'addicted' to price bargaining, even when you give them the lowest prices that they'd hardly get elsewhere, they will still bargain. These customers need to be told inflated prices.

▶Do not be in a haste to reduce your prices because you want to make quick sales. Sticking to your prices may cost you a few customers but that's not enough to influence your pricing system. As long as you know the product or service you offer is worth its price don't bring it down.

.The deserving customers will come. Instead of changing your prices now and then, think of improvements you can make in pitching your product or service and in positioning yourself for visibility to attract the right customers.

▶If you are so bent on changing your price for a customer or two be careful of how and when you do it. There have been cases of a customer who goes off to tell another customer that she 'finally succeeded in getting your products at a lower price. If this happens to you it will cost you some profit and destroy people's perception of your business standards.

This is the much I can remember to share with you now.

If there are other tips that should be considered in price tagging, let us all know through the comment section.

We grow by learning

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