How to choose a pricing strategy
- Understand costs. If you order products, you have a straightforward answer of how much each unit costs you, which is your cost of goods sold. If you create products yourself, you’ll need to determine the costs of your raw materials.
- Define commercial objective. Think about your commercial objective as your company’s pricing guide.
- Identify your customers. Consider the disposable income your customers have.
- Find your value proposition. What makes your business genuinely different? To stand out amongst your competitors, you’ll want to find a pricing strategy that reflects your values.
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