One of the most baffling questions that entrepreneurs encounter while venturing into a new business is about how much they should charge for their products and services. While it is true that rates lower than the market value can quickly attract eyeballs and boost the business help, it is equally true that going too cheap on prices can make your business look low-end. The line between “affordable” and “cheap” is evidently too thin.
In the corporate world, rates define brand values. Customers choose to buy your product after considering what it is worth. Therefore, it is essential that your rates be at par with the quality of your product or service.
How do you know whether you are charging what you are worth? Here are four tips to consider:
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Evaluate yourself: If you are proficient at getting some work done without much effort, it may seem impossible to believe that someone would really pay you good sums for that work. This is simply because you haven’t realized your value yet. To charge what you are worth, you must first know what you are worth. Ask your clients for feedback, have a look at your past successes and you will soon know that your product/service is worth much more than what you think.
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Watch your competitors: Compare your prices with those of firms that equal yours in experience and expertise. If your prices are much lower than the market value, chances are that customers will think your product/service is less valuable than the others.
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Focus on development: With the zeal for development your product’s value grows. Customers will gladly pay more for high quality products and services.
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Seek reliable business help: Resolve your pricing dilemmas by approaching a trustworthy business advice firm.
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