NEW CASTLE COUNTY CHAMBER OF COMMERCE: Pricing Your Product to Maximize Profits

Massachusetts Attorney General Maura Healey said last week a $3.5 million settlement with Kilgore Insurance Agency for allegedly overcharging clients including small business owners.   Massachusetts Attorney General

New Castle County Chamber of Commerce recently issued the following announcement.

Name: Pricing Your Product to Maximize Profits

Date: March 18, 2020

Time: 8:30 AM - 11:30 AM EDT

Don’t Sell Yourself Short! Pricing Your Products to Maximize Profits

Many small business owners struggle with how to price their product and services. And way too many of them significantly undervalue themselves in the process; their time, their expertise and the added value!

There are several factors that influence what you can and should charge customers: competition, industry practices, demand, and your costs are just some of them. By using an arbitrary percentage, for example, cost times could cause you to miss out on some profit opportunity. Trying to be the lowest priced provider, can either get you into a price war with competition, or create a lower quality perception of your product, and it’s very tough to raise prices. Setting prices too high can leave you with a lot of inventory that you can’t sell. In this workshop, we’ll help you identify a process you can use to help you develop a pricing strategy that’s right for you.

  • Conducting Market Research
  • Pricing Models
  • Pricing for a Services or Consulting Company
  • Determining if your prices are working for you
  • When to raise or lower prices
  • Know your customer(s)

Original source can be found here.

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New Castle County Chamber of Commerce

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