Product pricing. In this video I talk about how you can set the right price for your service or for your product. As an entrepreneur setting the right price is a big deal and you want to make sure that you do this correctly.

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What are your costs ?

The first thing that you have to think about is your cost because the price in an ideal situation is the sum of your costs and your profit but before you can think about the whole picture you have to figure out your metrics and know your costs. This is also important to know how much you need to mark up the products and how many you need to sell turn a profit.


The profit / the revenue target

So not that you have a good idea of all the costs that you have you might want to think about your revenue targets for how much of a profit you want your business to make. take that revenue targets and factor in your costs and this way you can come up with a price for product that you want to charge.


Know your target audience

No that you know what people are willing to pay and you figure it out with your customer you might want to think about the target audience. Who are the people that you want to reach and in what kind of segments are you going to position your products.


Take a look at direct competitors

When you’ve done your math of how much everything is going to cost you I would recommend that you check out the pricing of your direct competitors. If they are selling their products for a very low price that your metrics doesn’t allow you to sell for the same price then you must check your business costs and find other ways to decrease them.

Consider the time you invested

The first one being to consider the time you investing. Think about the time it takes for you to provide your services, the longer you spend on a project the more you should earn on it so it’s very important to track how long it takes you to finish a project and to come up with a fair price for it.

Decide if you’re going to charge an hourly rate or a per project

If you’re confident in the amount of time you think that some project is going to take you then you might consider charging customers by the project.


Make advantage of tiered pricing

If you’re selling your services then you can probably make use of tiered pricing which is a model that is used to show your products within a particular price range. Once you fill up a tire you move to your next tire and you will be billed or you will be billing your customers according to the number of services you’ve done for them in those respective tires.

Check your hours and adjust future pricing accordingly.

If you want to get better at pricing your services you must track the hours that you’re working on a project two estimates for her to determine if your original estimate was accurate. If you closely monitor your time and discover you’re consistently underestimating or overestimating the amount of time you spend on your clients product projects then you can just your future prices accordingly.
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