Price It Right
By the end of this course, you should be able to:
understand what pricing really means;
know the difference between price, cost, revenue and profit;
identify the direct costs of a product;
identify hidden and indirect business costs;
calculate a more realistic total cost;
understand markup and profit margin in simple terms;
avoid confusing markup with margin;
set a minimum sustainable price;
research competing and alternative offers;
understand why copying competitors' prices can be dangerous;
consider the value customers receive;
understand basic value-based pricing;
price physical products more intelligently;
price services more intelligently;
calculate the value of your time;
create packages and pricing tiers;
decide when discounts make sense;
avoid discounting away your profit;
communicate your price confidently;
respond to common price objections;
recognize when your price may need to change;
review prices as costs and market conditions change;
and build a simple repeatable pricing system.
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