6 common pricing strategies for small businesses (part 1)
- Cost-plus pricing: You make the product, add a fixed percentage on top of the costs, and sell it for the total.
- Competitive pricing: It refers to using competitors’ pricing data as a benchmark and consciously pricing your products below theirs.
- Value-based pricing: Value-based pricing refers to setting a price based on how much the customer believes a product or service is worth. It’s an outward approach that takes your target market’s wants and needs into play.
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