What price do I put to my products online?
by Gaurav Gupta
This is something that every beginning entrepreneur will have hanging around in the head if their products or services, are their own.
The article will not interest you if you want to sell others , either through drop shipping (the simplest and automatic) or, if what you would like is to buy the product, receive it and send it to your future customers’ home you same.
But if your case is, you have a product of your own, you want to start selling online courses or you would like to offer your services as a professional you are, then stay that this can break your schemes.
We are accustomed to the street trade, to the one of the whole life, where generally, compete with each other for the price.
On what basis to determine a price?
And, it turns out that when we start, we believe that by selling at prices at the ground we are going to take our products or services out of our hands. JA!
The first thing we should think when we ask what price it would be fair to sell a particular product or service is to identify its value.
Is it something useful, very useful? Perhaps necessary? In short … What will it mean in the life of the buyer?
The second is to know who our target audience is. To whom exactly do we turn?
Knowing who they are, what they like, what not, what they need, what bothers them, what level of income they have, if they are alone, accompanied … EVERYTHING!
And last but not least, is to predict your sales volume.
For example, imagine a luxury online watch store where 100 people a day pass (by putting a number) and buy 10%.
This online trade will have many more profits than for example a store of cheap watches that pass those same 100 people and buy 10%.
Obviously, the product has a different value for each of the users, some will look for it because it gives them some prestige or style in their clothes, the others will simply seek to know the time.
On the other hand, the audience is totally different, these examples focus on completely opposite people, at least as economically as possible.
And of course, the benefit of a sale is infinitely greater in one than in the other. The first to sell a single product, will have generated the same as in the second case selling 20 units of the same product in question.
In conclusion, if you can create a “luxury” online business and it will only be you who decide if it is the right thing to do.
Based on certain criteria, study, simplify and search what would be the fairest price for you, your users and the product or service itself that you want to market on the internet.