how much should you charge?

How Much Should You Charge for Your Product?

Setting the right retail price for your product is kind of a balancing act. You need to take many things into consideration. But then you have to step back, put yourself on the other side of the aisle, and ask yourself, “What is this product worth to a customer?”

The following is an exercise from my upcoming book, The Five Laws of Retail.

  1. What are you selling?
  1. Are there others in your market who are selling the same thing?

If so, how much are they selling it for?

  1. Can you “test” the retail price by offering just a few of the products for sale, at first?
  1. What’s a good “friendly” price point to sell it for?
  1. Ask your potential customers what they’d be willing to pay or do to accept your product.
  1. Lastly, what did you pay for the product?

Should that amount change in order to find an appropriate retail price that will still be profitable for you and sell at an acceptable turn rate?

Answering these questions will help you determine how much you should charge.

You may also like

Supply Chain Planning for Economic Recovery 2021
Get your supply chain inventories in order right now as the economy recovers
Maximize Retail Business to survive Pandemic impact in 2020
Take maximum advantage of year end, and start the new one clean
While the pandemic has pushed retail online, e-commerce is up and fundamentals are strong
The Pandemic, Ecommerce and the State of Retail | Interview with Jim Blasingame
George Troy - Retail Consultant and Author
What will it take to open your retail door next January? | Interview with Jim Blasingame