Are you charging everyone the same price for your product? You might want to rethink this.
The value of any product or service is subjective: it depends on who you ask! The simple truth is different people are willing to pay different prices for the same thing. Yet how often are you charging different buyers different prices?
Setting a uniform price for your product results in lost sales and profits. Here’s why. First, there will be some buyers who’d be willing to pay you more, but don’t have to. That’s lost profit.
Second, there will be people who’d be willing to pay you more than your product’s unit cost, but not as much as you’re asking for. That’s lost sales and more lost profit.
Understand the value of what you’re offering for sale depends on who the prospective buyer is. Try to figure out ways to customize your prices. If you can’t tailor your prices to different buyers, then try to tailor them to different groups of buyers. The potential to increase both your sales and profits is huge.
Read more in Know your choices when pricing your product.