If you are starting a new business or introducing a new product into the market, pricing is a topic that is always on top of mind.
You think, “How to price my product?”
In theory, the pricing formula should be straight forward (see below).
Material cost + Labor cost + Overhead cost = Total cost
Total cost + X% of Desired profit = Product cost
Assuming you zeroed on your product price, there are a few pricing psychology principles that you could embed in your pricing strategy.
So, let me ask you a question,
Have you thought about how pricing psychology can influence your consumers’ buying behavior?
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