How to set prices in a business?

One of the components of a business’ success, regardless of whether it offers goods or services, is the price requested by the company making the offer, since this depends to a large extent on the number of customers who will request that good or service. For this reason, market research often determines what cost is so high that there is no demand and, consequently, there is no revenue, in addition to the ideal value, where there is high demand and high incomes.

However, setting a price for a business is difficult work, as the success of the business is at stake in giving a value to the good or service that is offered. For this reason, in this article we are going to give you a couple of tips to determine the prices for your business establishment.

The first tactic you can make is a small survey, it can be through social networks, in which you can put an image and a description of the product you plan to sell, and ask how much money would they be willing to pay for it? Based on the answers given by users, or the people you ask, you can determine a range of prices that guarantees revenue.

On the other hand, you can look at the competition, because surely you are not the only person who owns a business that offers the good or service that you are offering, for this reason, do not miss to visit the stores that are making you compete and see what values they give to their products and from there, determine whether it is convenient to have a higher or lower value. Although the tactic is not entirely reliable, it allows you to have an indication of the ideal price for the goods or services of your business.

 

Setting prices in a doctor’s office

For medical practices, accounts must be taken of the level of education and experience that people you are hiring have, because if they have prestigious university degrees and several years of experience, the price of the service you offer, logically, will increase.

For example, an orthodontist Tijuana can offer his services at a higher or lower price than the competition according to these criteria, because if he is a person fresh out of college and offers procedures at an excessive cost, a portion of the potential clientele can be lost, while, if you are someone with experience and offer very cheap, you can feel that the income earned is not enough.

Similarly, procedures such as plastic surgery in Tijuana should have prices that justify the benefits, if these are high, studies that professionals carry out can be used as an advertising strategy, or the fact that, as mentioned by a well-known saying “The cheap, sometimes goes expensive”.

There are many ways to set a price in a doctor’s office. However, using the survey technique and comparing it with the consequence, allows to know, superficially, what prices can be ideal, if you do not have the budget to hire a market study.