How to Set Prices in your business

Uncategorized Nov 14, 2019

SET PRICES TO GENERATE PROFIT

How to set prices in your business
  1. Do you understand the market well enough?
  2. Do you understand your product or service well enough,including all associated costs?
  3. Do you understand your ideal customer well enough? Have you surveyed customers to-test prices?
  4. Have you checked your competitors’ pricing?

 

If you can answered yes to any of these questions, then you should review the pricing strategies for your small business.

Factors that Affect Pricing Decision

Sometimes, having a pricing objective for your business is not enough because there are a lot of factors that you must consider before setting  prices in your business. Such factors include the cost and demand of the product and/or service, the customer demographics,the external environment, nature of the products and/or services, product or shelf life, as well the method of promotion and distribution. Now, let use examine and...

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Bad habits to break in 2020

Uncategorized Nov 12, 2019

Chains of habit are too light to be felt until they are too heavy to be broken.” –Warren Buffett

 Breaking bad habits requires self-control—and lots of it. Research indicates that it’s worth the effort, as self-control has huge implications for success.

 

  1. Using your phone, tablet or computer in bed.

This is a big one that most people don’t even realize harms their sleep and productivity. Short-wavelength blue light plays an important role in your mood, energy level and sleep quality. In the morning, sunlight contains high concentrations of this blue light. When your eyes are exposed to it directly, the blue light halts production of the sleep-inducing hormone melatonin and makes you feel more alert.

 

  1. Impulsively surfing the internet.

It takes you 15 consecutive minutes of focus before you can fully engage in a task. Once you do, you fall into a euphoric state of increased productivity called flow. Research shows that people in a...

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How to generate more sales for your small business

Uncategorized Nov 12, 2019

Increase the number of new customers.

By attracting new customers into your business, you will be able to grow your sales revenue. Ways to attract new customers into your business include.

  1. Defining who your target customer is
  2. Developing marketing plans that address solutions that meet the needs of your target audience
  3. Join a network group where you can make relationships with strategic partners who can refer you new customers.
  4. Set up a rewards program to encourage your existing customers and networks to send you new customers.

Increase the sales frequency of your existing customers (the number of times people buy from you)

By assessing your sales by customers and products/services you can identify favourable and unfavourable trends which will help you identify how you can sell more to your existing customers

  1. Package up your services/products to sell more to your existing customers
  2. Create market surveys to identify what your customers want to buy more and find out what is...
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