Obviously, the price of your product influences purchasing decisions. If you price your goods too low, you risk reducing your profit margins or sending the idea that your product is of poor quality. However, if you price it too expensive, you will lose prospective clients and sales.
Conducting market research is one of the first steps in determining the price point of your product. You must set a market price after conducting market research. Consider your profit margin, which is normally 30% or higher, while selecting these prices. Although you cannot control the final price that retailers set, you may want to establish a “recommended retail price” to help guarantee that merchants price your goods competitively. Check out the resource below for further information on the aspects to consider when pricing your goods.
