Join Whitney Johnson for an in-depth discussion in this video Setting prices, part of Entrepreneurship Foundations (2014).
- In order to have a successful business, it's important…to determine the right price for your product.…Price too high, and your business stalls before it starts.…Price too low, volume may be high…right up until you go belly-up.…To get the price right, here are several considerations.…Ask your target customers what they pay…for a similar product or service.…Do they buy online or prefer to buy at the store?…Do they like a la carte or all-in-one pricing?…What price ranges don't require outside approval,…a manager if you're selling to a business or B2B,…significant other if you're selling to individuals or B2C.…
Use this as a starting point.…The next step is to benchmark against competitors.…If your product is better than the competition,…demonstrate it and charge more.…Conversely, if your product has fewer features,…acknowledge it and justify a lower price.…Next, err on the side of pricing too high.…You can always lower your prices.…But once you have published prices,…it's a lot more difficult to raise them.…More often than you'd expect, entrepreneurs price…
- Cite the steps that can help you find an unmet need.
- Differentiate between a business and a hobby.
- Recognize how to decide between an online business and a brick and mortar business.
- Describe how to protect your intellectual property.
- Explain the best practices for hiring the right people.
- Recall the importance of tapping into networks of expertise.
- Cite the best practices for building a business website.
- Summarize the best metrics to use for your online business.
Skill Level Intermediate
Management Foundations (2013)with Britt Andreatta2h 9m Intermediate
1. Finding Your Big Idea
2. Starting Your Business
3. Building a Team
4. Marketing Your Business
5. Scaling Your Business
6. Funding Growth
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