This Is How We Are To Price Our Goods And Services In A Hard Economic Time: Best Advice
It is important to know how to price your goods and services, if you do want to experience business growth.
Concerning this subject, the Lord had gave me an advice on how to do this.
According to Him, you should never price your products too high or too low, compared to how much you got it-most especially, if you went for it in large quantities. He had explained that one of the reasons why we fail in our business circles, is because we price our commodities, too high or too low relative to how much we got them. In addition, we are supposed to make profits based on the numbers of people who buy from us, than on high pricing of our goods and services. In fact, the reasons why we may do that are because of selfishness and greed.
Now, instead of pricing your product or your service too high, rather you should strike the average amount at which everybody in your community will be able to afford to pay for that good or to buy it.
Hence, don’t price your products, with your focus on the rich only, with the intent of making exorbitant profits from one or two sales, as some businesses are known to do.
In order to arrive at the right pricing systems, asking yourself the question; ‘how much will the average person (being the average customer), in my community be willing to pay for this? Now, even though you’re deciding your price based upon their community’s purchasing powers, you should make sure your profits are factored in that average price, for each unit products on sale, by your company.
However, in such a pricing system, you will not be able to make so much profit per unit sale, but the numbers (who should have that purchasing power), should bring you a lot, combined. In this case, you will be selling in huge numbers because almost everybody in your market community, will be able to afford to buy-both the poor and the rich alike. When you should do this right, you can take this business to virtually everywhere for people to purchase your goods and services, unlike the man who in has priced his business so high that, a large section of the market or community cannot afford to purchase. In addition, should you choose to do things in that way, you can sell a product just for 0.99 cents or 1$, and over a period, turn up with a million dollars; meanwhile the same product which is being sold at 10-15 dollars in the same community by another competitor, may find it hard to turn up that amount, since only few people may end up walking in there.
Meanwhile, let’s also understand that, from city to city, from locality to locality, or from one nation to another, that average may differ due to a number of factors, should you sell the same product in different places.
You just have to understand the situation of where you are, to influence your average price settings.
Meanwhile, the Lord advised that, the few times you may like to price your products or services quite high or quite low than that average price range, should be when;
- Those products and services are naturally expensive to produce; so definitely, they are not meant for or to be purchased by everyone in the economy, except you belong to a particular social status.
- If you’re tying to get rid of or clear those goods or products, because they’re close to expiring. (You may have to get some of the invested money back by drastically reducing the price).
Aside reasons such as the above, you shouldn’t be pricing your products or services too high or too low, in the average market community.
Should we all follow this divine advice very carefully, there’ll be enough we could get out of our businesses, over time.
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