{"id":25416,"date":"2023-07-19T10:41:04","date_gmt":"2023-07-19T14:41:04","guid":{"rendered":"https:\/\/smarttan.com\/news\/?p=25416"},"modified":"2023-07-19T10:41:04","modified_gmt":"2023-07-19T14:41:04","slug":"the-perfect-price-point","status":"publish","type":"post","link":"https:\/\/news.smarttan.com\/index.php\/the-perfect-price-point\/","title":{"rendered":"Identifying the Perfect Price Point"},"content":{"rendered":"

The key to succeeding without competing on price is understanding and utilizing your \u201cunique value proposition\u201d \u2013 what sets you apart from your competition. You don\u2019t have to be cheaper if you are better and therefore provide additional value for the additional cost.<\/p>\n

To decide whether you need to adjust your pricing or not, you need to know a lot more than your costs and what your competitors charge. Here are some factors you should consider:<\/p>\n

What is the customer willing to pay? <\/strong>Many businesses make the mistake of basing their pricing directly off their cost for providing that service or product (i.e. \u201cIt costs us a dollar, so we should charge two.\u201d). Instead, start by deciding how much customers are willing to pay.<\/p>\n

What kind of customer am I targeting?<\/strong>\u00a0The answer to the first question depends largely on this one. Do you want to cater to more clients at a lower margin, or make more money per client but limit the size of your market? Ideally, you\u2019ll be able to identify different price points, segment the market, and maintain both types of customers.<\/p>\n

How should I react to my competitor\u2019s prices?<\/strong>\u00a0Your prices shouldn\u2019t revolve around your competition\u2019s, but it\u2019s certainly a consideration. First, honestly identify if your overall experience is better or worse than the competition. If it\u2019s better, decide how much and price upward.<\/p>\n

Click here to read the entire article in the latest issue of Smart Tan Magazine online.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The key to succeeding without competing on price is understanding and utilizing your \u201cunique value proposition\u201d \u2013 what sets you apart from your competition. You don\u2019t have to be cheaper if you are better and therefore provide additional value for the additional cost. To decide whether you need to adjust your pricing or not, you […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-25416","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\nIdentifying the Perfect Price Point - Smart Tan News<\/title>\n<meta name=\"description\" content=\"The key to succeeding without competing on price is understanding and utilizing your \u201cunique value proposition\u201d \u2013 what sets you apart from your competition. You don\u2019t have to be cheaper if you are better and therefore provide additional value for the additional cost. To decide whether you need to adjust your pricing or not, you need to know a lot more than your costs and what your competitors charge. Here are some factors you should consider: What is the customer willing to pay? Many businesses make the mistake of basing their pricing directly off their cost for providing that service or product (i.e. \u201cIt costs us a dollar, so we should charge two.\u201d). Instead, start by deciding how much customers are willing to pay. What kind of customer am I targeting?\u00a0The answer to the first question depends largely on this one. Do you want to cater to more clients at a lower margin, or make more money per client but limit the size of your market? Ideally, you\u2019ll be able to identify different price points, segment the market, and maintain both types of customers. How should I react to my competitor\u2019s prices?\u00a0Your prices shouldn\u2019t revolve around your competition\u2019s, but it\u2019s certainly a consideration. First, honestly identify if your overall experience is better or worse than the competition. If it\u2019s better, decide how much and price upward. Click here to read the entire article in the latest issue of Smart Tan Magazine online.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.smarttan.com\/index.php\/the-perfect-price-point\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Identifying the Perfect Price Point - Smart Tan News\" \/>\n<meta property=\"og:description\" content=\"The key to succeeding without competing on price is understanding and utilizing your \u201cunique value proposition\u201d \u2013 what sets you apart from your competition. You don\u2019t have to be cheaper if you are better and therefore provide additional value for the additional cost. To decide whether you need to adjust your pricing or not, you need to know a lot more than your costs and what your competitors charge. Here are some factors you should consider: What is the customer willing to pay? Many businesses make the mistake of basing their pricing directly off their cost for providing that service or product (i.e. \u201cIt costs us a dollar, so we should charge two.\u201d). Instead, start by deciding how much customers are willing to pay. What kind of customer am I targeting?\u00a0The answer to the first question depends largely on this one. Do you want to cater to more clients at a lower margin, or make more money per client but limit the size of your market? Ideally, you\u2019ll be able to identify different price points, segment the market, and maintain both types of customers. How should I react to my competitor\u2019s prices?\u00a0Your prices shouldn\u2019t revolve around your competition\u2019s, but it\u2019s certainly a consideration. First, honestly identify if your overall experience is better or worse than the competition. If it\u2019s better, decide how much and price upward. Click here to read the entire article in the latest issue of Smart Tan Magazine online.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/news.smarttan.com\/index.php\/the-perfect-price-point\/\" \/>\n<meta property=\"og:site_name\" content=\"Smart Tan News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/SmartTan\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-19T14:41:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news.smarttan.com\/wp-content\/uploads\/2022\/08\/Smart-Tan-Logo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"520\" \/>\n\t<meta property=\"og:image:height\" content=\"200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"smarttannews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@SmartTan\" \/>\n<meta name=\"twitter:site\" content=\"@SmartTan\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"smarttannews\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/news.smarttan.com\/index.php\/the-perfect-price-point\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/news.smarttan.com\/index.php\/the-perfect-price-point\/\"},\"author\":{\"name\":\"smarttannews\",\"@id\":\"https:\/\/news.smarttan.com\/#\/schema\/person\/722dc7049af55e0ed743d67ce9ed4819\"},\"headline\":\"Identifying the Perfect Price Point\",\"datePublished\":\"2023-07-19T14:41:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/news.smarttan.com\/index.php\/the-perfect-price-point\/\"},\"wordCount\":256,\"publisher\":{\"@id\":\"https:\/\/news.smarttan.com\/#organization\"},\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/news.smarttan.com\/index.php\/the-perfect-price-point\/\",\"url\":\"https:\/\/news.smarttan.com\/index.php\/the-perfect-price-point\/\",\"name\":\"Identifying the Perfect Price Point - Smart Tan News\",\"isPartOf\":{\"@id\":\"https:\/\/news.smarttan.com\/#website\"},\"datePublished\":\"2023-07-19T14:41:04+00:00\",\"description\":\"The key to succeeding without competing on price is understanding and utilizing your \u201cunique value proposition\u201d \u2013 what sets you apart from your competition. 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How should I react to my competitor\u2019s prices?\u00a0Your prices shouldn\u2019t revolve around your competition\u2019s, but it\u2019s certainly a consideration. First, honestly identify if your overall experience is better or worse than the competition. If it\u2019s better, decide how much and price upward. 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