What Is Your Price?
Pricing is always an interesting discussion. People tend to use price as a benefit. That typically means a discount. But what is the price of something, truly, if its only to be discounted if no one buys it?
Does your price exist only because that is what your competitors charge for a similar product? If you both have the same product, why should anyone buy yours over the competitors? Especially if you are matching your pricing to theirs, in order to sell the same thing.
Are you merely pricing to price? Just setting a price, then hoping that customers will buy. That typically does not fair well, when you either then raise prices because of short supply and high demand, or you lower prices to entice people to buy more of the product which is in high supply but low demand.
Few times do people ask the consumers what they want to pay for a product. Its almost as if they are set aside in the grand scheme of things, in order to benefit the ego of those pricing the product.
When you don’t involve your customers in your pricing, its usually off. Because there is a stark difference between what someone will pay for the product, and what you believe someone will buy the product at.