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 found in some businesses, rather you should strike the average amount at which everybody within the economy would like to buy it, that is in regard to 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 way that the average person within your locality, can afford to buy it!
Usually, you can find that out by asking yourself the question; ‘how much would the average person (being the average customer) in the locality, which has to do with both the rich and poor will be able to afford it?,’ while still making sure that the pricing per that unit product, is still going to make you some unit 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 service 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 will surely be able or capable of buying from you, but just only a few section of the economy who may also perhpas not be near where you’re selling the product.
As well, if you end up pricing it too low you may lose end up losing the value of the product and it might end up making you some losses still-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 part of people, in the locality!
Thus, you will be selling in huge numbers because everybody in your economy, or who lives around there, will now think that he or she can afford to buy your products!
In this case, you can take this business of yours virtually everywhere, for the people to buy from you, unlike the man who in his business and has priced his or her goods or products so high, than the average in that community can be able to afford to buy!
‘How then can his 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, understand that from city to city or from nation to nation, the average may differ, due to a number of few factors).
So, just know that of your locality, or where you’re!
Don’t focus on high pricing. Only try ‘high pricing,’ on some exclusive deals, 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 in size
for 10, or 15 or 16 U.S dollars!
‘Never, do that or ‘you will be wasting yourself in the markets, for a very long time.’
Now, I’m going to give you one important tip, and 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 prices and both the poor and the rich want to downsize which obviously today, 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!
Pleas note again that it must be toward up your 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 should need your products, your goods or your services!
Identify, where your target market is and march yourself, or find yourself there instantly!
So, you’ll take your shoe-loving business to where the shoe lovers are; and your watch business to where watch lovers are! Those are what we call target markets in business!
(Don’t just assume first that 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 the average man can spare to afford your business, which that number will surely include the rich!
Yous may get some rush!
However, first 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 will actually then change their minds, and fully love the services, or products!
‘They won’t say that, ‘Wow, I like your product, but I’m not able to afford’ since the price is already economical, and affordable to the average person in the economy, therefore, any one of them in that economy can afford, instantly!
Importantly, they may buy one, based on these three major parameters
A Good Average Pricing
And availability as well, (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, and forever 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 attractiveness of your marketing stunts, and will also sell for you immediately!
Personally, you should also be neat and attractive to the customers with smiles behind the products!
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 or she has, and should begin to create a product of envy out of what or who he is, and then by going ahead to use this formulae, he will or she will
definitely make profits in life!
So, first, learn to create your own products and services and use these few best pricing steps to sell the products and services up, with no hassles or groanings!
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 per unit product. Well, business doesn’t work that way! 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 losses, eventually!
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 eventually buy from them; so then the business is targeted to the few people with equally limited purchasing POWER!
Well, 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 obviously close his eyes and obviously afford to buy from them!
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 way!
The sales do not determine your living. I have explained, much on that here).
Glory be the Lord for all the things He hath done for everyone!