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.