Effective Tips About Product Pricing

by Jason Deter | June 17, 2013

Anyone can achieve great sales and enjoy a successful product, but the key to these things is getting the pricing right. Your price should correlate to your product in such a way that it encourages sales and increases your conversion rate. In the following article we shall be discussing three effective tips to help you get the right price and make sure you get the highest return through it.

When you offer excellent customer service, customers are happier to pay a slightly higher price. Far too many marketers discount the importance of offering great customer service, which reduces their perceived value. If someone purchases a product through you, it's your job to give them any level of support they require. This simple thing lets you offer higher value to your product without having to change it. If you can make it evident that you always offer the very best customer service possible along with your product, people will be more inclined to pay a little more for it. You can let them sample your customer service by offering the same level of attention to them even before they buy. Have a live chat on your website and toll free phone number, which just goes on to show how committed you are to giving everything to your customers. While you don't charge for that level of service, pricing your product a little higher will seem logical to those prospects when they see your commitment to them.

Have you included better quality or additional features that your competitors don't offer? If yes, you're able to deliver great value so you're within your rights to charge higher prices. By offering higher value at a higher price you'll stand out from the competition, but you'll still show customers that your product offers more value. Anybody that's going to pay more for your service will realize that in order to get higher value, they will have to shell out the bucks.

Lastly, watch what kind of special deals or discounts your competitors are offering their prospects. This will let you know whether you need to offer your customers more quality or better value. When you stay up to date with your competitors you can keep up with what strategies they're employing to keep business afloat.

Your aim here is to get more exposure to your product, not your competitor's. Your competitors could have a distinct edge over you if you ignore this tip, so spend them time and make sure your product offers better value. In summary, from the above article it becomes crystal clear that price is heavily affected and determined according to your competition. Understand the products your competitors are offering and keep an eye on their efforts. Your main objective should be to get the most out of your price, by providing the best value. Remember that you can always change your price if you need to. You also have the option to further enhance the value of your offer, which is something you can charge your customers a bit extra for. Revising the price from time to time is healthy, as long as you're living up to it and giving your customers the value they deserve in every way.

About Jason Deter

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About Chia-Li Chien

Chia-Li Chien

Chia-Li Chien, CFP®, CRPC, PMP; Chia-Li “like JOLLY,” Succession Strategist of Value Growth Institute, dedicated to helping private business owners increase their company equity value. She is the award-winning author of the books Show Me The Money and Work toward Reward and a faculty of the American Management Association. Her blog and newsletter was named a Top Small Business Resource by the New York Times You’re the Boss blog. Contact her at jolly@chialichien.com or (704) 268-9378 .

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