It's easy to find yourself considering hiking the price of your product, especially when you think you're the only supplier in your market. However there are factors to consider before deciding to increase your mark up.
Small business guru Pavlo Phitidis speaks on how to know when the price to your products is just right.
You've got to consider four things when you do pricing on whatever the product is: The Cost of the product; Fixed costs of operating the business; Competition and how does a customer perceive value in what you're offering?— Pavlo Phitidis, Aurik Business Accelerator
Keeping the price as low as possible doesn't create an incentive for competitors to enter the market and it doesn't create an incentive for government to regulate— Pavlo Phitidis, Aurik Business Accelerator
When you launch a new business you need to try draw that arrow and hit the target— Pavlo Phitidis, Aurik Business Accelerator
Very often people want to make simple decisions because simple decisions make them feel like they are in control, so limit choices.— Pavlo Phitidis, Aurik Business Accelerator
Anything above 10% increase on the price of a product starts to create doubt in the mind of consumers.— Pavlo Phitidis, Aurik Business Accelerator
Listen to the full interview below