Welcome to the Small Business Ideas Forum! We are a community of over 100,000 small business folks with over 163,000 posts for you to browse. We pride ourselves on being the friendliest forum you will find and we'd love to have you as a member of our community. Please take a moment and register for a free account. If you need any help, please contact Chris Logan.

Small Business Ideas Forum

Small Business Ideas Forum

A friendly place to share small business ideas and knowledge, ask questions, find help and encourage others that are involved in the small business industry. Topics include small business marketing, generating revenue and small business computing.

Go Back   Small Business Ideas Forum > General Issues > General Small Business Issues
Register Search Today's Posts Mark Forums Read

Thread Tools
Old 30th March 2013, 02:34 PM   #1
VIP Contributor

Join Date: May 2010
Location: Detroit, MI
Posts: 1,281
Default The Goal Of Pricing A Product Or Service For Any Small Business Owner Is To Charge Th

The goal of pricing a product or service for any small business owner is to charge the maximum amount that customer is willing to pay and maximize profit. If you charge lower than what customer is willing to pay you leave money on the table. If you charge higher customer will walk out the door and you will lose profit.

To some it may seem like Black Magic, but pricing is combination of art and science. Big corporations, such as Wal-Mart, do lot of research and number crunching to figure out to the pennies exactly how much they should charge so that they get the maximum profit. This is the science side of pricing. No matter how much number crunching and data analysis you do human behavior and psychology plays a big role in customers determining whether a given price is a good deal or not. This is where art comes into play. There are number of ways in which business owners can convey the message about good deal (aka pricing) and take advantage of how customers react to that message.

I came across an excellent Infographic the other day, courtesy of Blog Growth that puts this behavioral science research into practice to come up with ideas that will make customer nudge your way. Let me know what you think about this and if you have any other “tricks” to getting the best price for your product.

Read more - http://www.smallbizviewpoints.com/20...aximum-profit/

AngelBiz is offline   Reply With Quote
Register or log in to remove this ad.
Old 30th March 2013, 07:10 PM   #2

Join Date: Mar 2013
Posts: 67

OMG thank you so much for this link! I've been pulling my hair trying to figure out pricing strategies for my products!

Custom Fitted Luggage for Roadsters http://www.roadtripluggage.com
iPad Travel Gear http://www.gotabletstore.com
broudie is offline   Reply With Quote


Similar Threads
Thread Thread Starter Forum Replies Last Post
Training For Small Business Owner bearingmaster General Small Business Issues 8 19th April 2015 11:38 PM
Advice On Taxes & Accounting In My Small Business Revamp Ev1 Small Business Finance 2 21st January 2013 10:39 AM
Know Your Business - 3 Tips Allectus General Small Business Issues 1 23rd April 2010 12:05 PM
Good Info That Every Small Business Owner Should Know. sequoia payroll General Small Business Issues 3 22nd March 2010 11:55 PM

Thread Tools

Get Updates
RSS Feeds:
RSS Feed for General Small Business Issues RSS for this Category Only: General Small Business Issues

RSS Feed for Small Business Ideas Forum RSS for Entire Forum
Forum Rules

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Small Business Ideas Forum

At Your Business - Small Business Directory
Free Business Forms - Prewritten Documents
Search Engine Guide
Small business guide to search marketing

Small Business Brief
Fetching the Best Small Business Info

Free Links - Free Advertising
Free Guide - Online Directory

Advertise your business here
Contact us for more details!

Semantic Juice
Register now to access free Quick SEO service!

Rocket Lawyer
Sign up for free 7 day trial. Boost your biz!

Buy UPC Codes
Get your products listed online!

All times are GMT -5. The time now is 05:56 PM.

Powered by vBulletin® Version 3.7.3
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Copyright 2004 - 2018 - Privacy