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How Do You Set Your Prices?

  • hitmeasap Level X5
    • 11

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    How Do You Set Your Prices?

    When you create your service you'll also need to set a price tag. You'll need to decide the price yourself.

    • How do you come up with that price?


    We all know that newcomers shouldn't sell their services too cheap, which most of them does, and that's the first mistake they make. They do this due to all the competitors.

    They need to set their prices low so they can manage to land a few clients every now and then.. but, how should they be able to manage this, when they are new and don't have any experience?

    When I launched my first service, I decided to charge the price I did because I did some research. As I wasn't alone to provide this specific service, I just checked my competitors services and compared their quality, price and the whole approach from getting a sale to delivery. I compared that with my own, and tweaked the price accordingly to what I thought it was worth. In my opinion.


    Best Regards,
    hitmeasap

    #Freelancer #Pricetag #Prices #Costs Freelance
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    TommyCarey

    TommyCarey

    When I come up with a price for my service it always is researched prior to going live. I don't think I've ever launched a service without researching my competitions pricing and what they offer. I try to get my pricing lower than my competitors and I also try to offer a better service and more features if possible How Do You Set Your Prices?

    Another thing I think about is what exactly to set the pricing at. I'm not talking about the total price, I'm more referring of what would convert best. You know how you see someone offer a service for $99 and are like "Oh, that's a great price!" it's because subconsciously you think you're saving a good amount of money because it's not priced at $100. Now when I price something I'll either price it with a 7 or a 5 at the end because it makes people think they're saving even more compared to the 9 or 0 at the end of the pricing.

    I've actually studied and tested my pricing to see exactly what works and it's true that if you end the pricing with a 9 you'll make more sales than if you end it with a 0. I've also made even more sales when I ended the pricing with a 7 or 5 since not as many people see a 7 at the end of the price and the 5 is a nice middle ground so people feel comfortable with it. I could be completely wrong through in my assessments, I could have just been lucky and gotten more sales for some other reason How Do You Set Your Prices? But I ran my tests for 6 months on two different websites and the website with 7s and 5s at the end always made more sales than the website with the pricing ending in 9s.


    What do you guys/girls think?
    10 years ago

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    idealmike

    idealmike

    Yeah that's exactly why things are usually priced for $0.99 or $99.99 instead of just $1 or $100. It makes things seem cheaper than they actually are. Even though it's only a penny or something. This has been a successful subconscious tactic that's been used by store owners, shop keepers and even supermarket stores for years.
    10 years ago

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    hitmeasap

    hitmeasap

    You have a good point. That's why I usually sell my ebooks and other products for $9,97, $19,97 and $29,97 for instance. It gives you that "oh, this was cheap"-moment that sellers are looking for to increase their sales. Like you said, it's a successful tactic being used by almost everyone who is running a business. Other superb offers like "two for one deals" or "take three pay for two" are usually good options too. Sure, you might as a seller lose a tiny bit of income by lowering your services like this but you'll definitely gain more sales and end up with much more profits in the end.
    10 years ago

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    TommyCarey

    TommyCarey

    People are getting use to the .99 so that's why I tested using a 5 or 7 at the end to see if it would increase my conversions. And it did ;)

    I didn't see an extra 1,000 sales a day, but I did see a noticeable difference without having to even look at my statistics. I did look at my statistics, I'm just saying I noticed it before I checked How Do You Set Your Prices?
    10 years ago

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    hitmeasap

    hitmeasap

    Yeah, I totally understand what you're talking about. The same thing happened to me when I lowered the costs from $20 for instance, and changed it to $19,97. I bet I get about 35% higher conversions by doing that, even though I haven't look into this in-depth as of yet, but I can clearly see a huge difference.. And that's just crazy. Lower the price with $0,03 and increase your conversions with 35%! How Do You Set Your Prices?
    10 years ago

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    ajlancer

    ajlancer

    Hi hitmeasap it is really very good question about how set a price for invidiously service. I consider several things for each service, like competitor price and competitors service quality etc. But I use a process myself. Firstly I decide how much time it will need to complete this service. For example I need 5 days to complete a project. Then I am going to understand how many hour it will take in 5 days? If I can realize I need to give 4 hours each day for completing a project which need 5 days total. So, here I can calculate 20 hours need to complete a whole project. And now I demand myself how much I have to take for each hour. If get it $10 per hours. It is meaning $40 each day and $200 a whole project in 5 days.

    Thanks by Ajlancer
    10 years ago

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    EliteWriter

    EliteWriter

    One of the first things to consider is how much are others charging for similar services. I like to do some research on different sites so as to get a better idea. When one is starting off, it is best to set a reasonable price that is a bit lower than what others are charging. However as you said it is not a good idea to make it too low, because that could reflect negatively on you and the quality you are claiming to offer. It is not a good idea to compete solely on the basis of price, as you could stand off with quick turnaround times for example.
    10 years ago

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    MasterA

    MasterA

    The way I come up with prices is quite similar to the other answers. I research my competitors price and then choose a price that is competitive but also not too cheap. That will be my initial price and then I adjust it to make the highest profit. I will use demand and supply to adjust my price although at the moment, mostly demand. If I am not getting enough demand, I will lower my price and in SEO Clerks, I will put my service on sale to test it and then reduce it if it increases demand. I will then use the price that gives me the highest profit, that is the price where the demand multiplied by the price is the highest. When there is not enough supply which means that I get too many orders and I can’t do them on time, I will increase the price to reduce demand but that has never been an issue as of now.
    10 years ago

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    Everett

    Everett

    I price based upon competition, quality of work, and time it took to perform work. I always strive to be fair with my prices as I don't want to offer a service and it not being in compeition to others quality of service, or even the price itself. I'm very odd about my prices too. Often I like to price with 5s and 0s, so if something on averages goes for $22, I'd make it $20. Surely I may be losing out on some money, but I honestly don't care half the time. It's just my ways of things and I stick to it, my craziness..
    10 years ago

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    Barida

    Barida

    The major thing I look at before setting prices of the products that I sell is the price of the related products being sold by my rivals in the business. I believe in the power of cutting down prices to get clients/customers at the beginning of each business while I can be subtly raising it as the days progress.
    9 years ago

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    augusta

    augusta

    Setting a price for one's products and services sometimes depend on the forces demand and supply.You take a look at the demand if it high one can take advantage and supply it at a higher price because is high people will buy but when demand is low price will naturally be low and one can set a low price.

    Another way is setting it to the level of your competitors.You look around to find out the average price and then set your price towards that range.
    9 years ago

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