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September 22 2019.
What price to quote?

Pricing, especially in the present market scenario, has become very crucial to maintain a respectable bottomline (& topline!). These challenging conditions need, a radical different approach to price your products (& or a service).

Following are 5 basic guidelines, on how you can price your products for the demanding customers.

Don't base your price only on based of costs. Take customers' perceptions of value. Otherwise you may end up with a price that is too high or low.

Don’t quote market price. Identify areas where your product is unique & adds better value to the customer.You can quote higher.

You won't have same profit margin across different products /services. Try to work out right product mix offering, to achieve a total optimum profit margin.

All customers are not same. For same product, why you can't have different prices depending on customers' perception of value you provide?

Review (not neccessary change) the prices at least once every 6 months. The costs, sales volume & value perception by customers are dynamic, requiring price review periodically.

Its the Sales-Marketing & not the finance department that should have a final say in pricing.

Cost is a fact & pricing is a policy.

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