How to determine the rate in product or service launching

Determine the rate in product or service launching: Young entrepreneurs face a variety of challenges at the beginning of their business. Chief among them is 'how to determine the rate of your product or service'. However, according to the competitor in general, entrepreneurs try to determine the rate of their product. Which is not considered the right business strategy. According to experts, to determine the pricing of the product or service of Young Entrepreneur, the point of competition should be kept in mind, but if there is a basis for this only, then it will not be the right market planning. The entrepreneur should take several points into consideration when deciding on pricing.

This concept is only suitable for small level startups. Those who do not have a budget except for market researchers or planners. At the same time, by estimating your revenue growth in a fixed time and according to the price of similar products available in the market, you can also decide the testing price.  

Set Testing Price

Before launching the product, you can decide the testing price, which is for at least six months. You can estimate the testing price with the cost of that product. However, this concept is only suitable for small level startups. 

For those who do not have a separate budget for market researcher or planner, you can estimate your revenue growth in a fixed time and determine the price of similar product available in the market. 

Try to make your testing price such that when the price is revised according to the performance of the product, it does not surprise the customer. 

Give time for research

Before any type of pricing, you need to research about the companies from which your competition is to be done. At the same time, you will be able to guess where your product can stand in the market according to the quality and price. If you want, you can also take service of market research firm. This can mess up your budget but it is a good option.

Do it before launch

Before launching the product or service, take it among the limited people, which may include your friends, staff and clients. Get your review for your product or service with such people for at least one month. Also take advice from them that how much money is ready to pay for such a product. Such home survey can prove to be very helpful in deciding your price.


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