Pricing is one of the most powerful tools in your marketing arsenal, but many people let it go by the wayside in terms of marketing strategy. Before you determine pricing, decide what message you want to set by pricing your product at a certain level. Does that sound strange? Here are some of the thoughts that go into that process.
Having a higher price means that you will probably sell fewer units, but a high price can also give the impression of a premium product. Low prices can allow you to break into or dominate a particular market and undercut the competition, but low prices can also lead to low profitability in the short term. Some people may worry that your product is inferior, though. You have to figure out where the balance is and make sure that you know what’s going on with all of it.
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