From the course: Pricing Strategy Explained
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Common pricing mistakes
- The most important thing that you can do is have a justified pricing strategy. It can make the difference between success and failure in your business. I want to give you a couple of questions that I want you to ask, just to get your brain going and be thinking about this. First question is, how's my competition price. What's the price of my competition? How much demand do I have for my product or service? What supply is out there? We need to understand that as well. How about the value, the value that you're delivering? Unfortunately, most entrepreneurs actually underestimate the value that they're delivering, and they under price their product or service. I know that sounds strange, but that happens over and over again. I see that happening all the time. What are other market forces that you need to consider pour there, and there are many other market forces that go into your overall pricing strategy? Now, what I…
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