There are a number of factors that customers consider when deciding to purchase a product. In addition to your product’s features and benefits, the customer may consider factors such as your business’ reputation and whether you offer hassle-free returns or free shipping— if the item is being ordered online etc.
Obviously, the price of your product also influences purchasing decisions. If you price your goods too low, you risk reducing your profit margins or sending the idea that your product is of poor quality. However, if you price it too expensive, you will lose prospective clients and sales.
But is there a way to find that perfect price point? Continue reading for more on this.