Place" is just a designation of location
Posted: Tue Jan 21, 2025 8:41 am
How to Price Your Product Right
It is important to analyze prices, especially if you are in a very competitive niche. I think this: if you have entered a niche without competition or are already a leader, you have every right to raise prices, your product will still be bought. A striking example is the company "Apple", the prices for their product are extremely high compared to competitors, but consumers stand in line for their product.
On the other hand, if the competition is very high and you are a newcomer in this field, you will have to reduce the price to the very minimum, perhaps having to work at a loss for some time.
Here are some questions you should ask yourself:
What is the lowest price you are willing to sell your product at?
What is the highest price a consumer would be willing to pay?
How price sensitive are your customers?
What prices do the current leaders in your niche set?
How does your price compare to the competition?
Place (place)
This is a very important point of this guide. The wrong location can kill all your attempts to compete.
This concept can be considered in an ordinary clothing store. We take two identical pavilions, with identical products, prices. Even with identical advertising and promotion.
So, we will set up one pavilion in the city center, the gambling data philippine phone number one an hour's drive away. And which pavilion do you think will sell more goods and make more profit? Even if the second pavilion goes for a price reduction, it will hardly be able to catch up with the first one.
In other words… location, location, location.
You have to choose the place where your clients are. Don't wait for them to come to you, you have to go to them. Be as convenient as possible for your client, first of all, you need the client and not the other way around.
How to choose the right place?
The Internet is a virtual world, and while location may seem unimportant, it is not.
Let's look at this issue using a popular platform as an example. What happens if a company decides to place its product (for example, SEO promotion) on Tiktok?
It is important to analyze prices, especially if you are in a very competitive niche. I think this: if you have entered a niche without competition or are already a leader, you have every right to raise prices, your product will still be bought. A striking example is the company "Apple", the prices for their product are extremely high compared to competitors, but consumers stand in line for their product.
On the other hand, if the competition is very high and you are a newcomer in this field, you will have to reduce the price to the very minimum, perhaps having to work at a loss for some time.
Here are some questions you should ask yourself:
What is the lowest price you are willing to sell your product at?
What is the highest price a consumer would be willing to pay?
How price sensitive are your customers?
What prices do the current leaders in your niche set?
How does your price compare to the competition?
Place (place)
This is a very important point of this guide. The wrong location can kill all your attempts to compete.
This concept can be considered in an ordinary clothing store. We take two identical pavilions, with identical products, prices. Even with identical advertising and promotion.
So, we will set up one pavilion in the city center, the gambling data philippine phone number one an hour's drive away. And which pavilion do you think will sell more goods and make more profit? Even if the second pavilion goes for a price reduction, it will hardly be able to catch up with the first one.
In other words… location, location, location.
You have to choose the place where your clients are. Don't wait for them to come to you, you have to go to them. Be as convenient as possible for your client, first of all, you need the client and not the other way around.
How to choose the right place?
The Internet is a virtual world, and while location may seem unimportant, it is not.
Let's look at this issue using a popular platform as an example. What happens if a company decides to place its product (for example, SEO promotion) on Tiktok?