How to price yourself confidently

Setting the prices for your new business or your latest product line can be fraught with indecision and doubt. With the rising cost of purchase decision-making infiltrating almost every industry, businesses find themselves questioning their pricing model continually. Confidently setting your pricing is essential; with these tips, you’ll be able to make assertive and empowered pricing decisions, allowing your business to grow with structured, assured cost models. 

Don’t become known for negotiation

Brands and businesses willingness to cut their prices, offering sales and discounts continually, has a significant impact on the business’s reputation. When customers know that your pricing is flexible, that you’re willing to accept lower prices through negotiation, you can’t expect other customers to pay full price. It doesn’t take much word-of-mouth for other customers to discover your discounted deals. Price yourself confidently, as you’ve devised this pricing structure for a reason. 

Set your pricing publicly 

Customers can easily question businesses who shy away from discussing price or make it hard to obtain how much goods and services will cost them. While hiding your prices has been touted as an effective sales technique, you are likely to deter price-conscious customers. Public declaration of your pricing will help establish your reputation; once the buying public understands your price point, that can make faster, more comfortable and informed buying decisions, helping to remove any purchasing hesitation. 

Be industry competitive 

In gauging what the right price is for your business, it’s wise to look towards your competition. Though we don’t recommend copying your competitor exactly, taking influence from your industry is necessary to engage price-conscious buyers. Taking direction from the other businesses around yours is particularly worthy for niche businesses; buyers that don’t know much about your industry standards will quickly see how your price is much like that of your competitors. However, if yours varies significantly, your customer will question you, which destroys the confidence in your pricing model. 

Remember your worth 

In every pricing consideration, pure business pride is essential to implore. Despite customers’ demands or requests, there are no reasons to reduce your pricing, renegotiate, or give away your products and services for free unnecessarily. Pricing confidently requires financial savvy and business conviction, and if you can back your decision, there will be no need to doubt your overall strategy.

Contact Sydney Accounting by calling 02 9810 3222 or email us at info@sydacc.com.au