Healthy margins are essential to launching and growing small businesses and finding the right price helps maximize profitability and future growth. Product pricing is not something that comes naturally for most people, but it is an essential skill that small business owners need to hone.
As small business owners set their price for their products and services, understanding the value and time is critical. The higher the quality of the product or service, the higher price customers are willing to accept. However, high prices on low-value products or low prices on high-value products will eventually cause customers to question their worth. Here are five pricing strategies to maximize profits and secure competitive advantages in the market.
