Decide to start, what price the buyer regards as suitable for the investigated product.This takes into account not only the same products, but also products that are your peers.Collect all available information on the prices of them, and analyze it.You may encounter a problem when applying to products and services for industrial purposes, as in this case, actual prices and rates may be higher or lower than the list, and you, in most cases it does not recognize.
Write down all the parameters that distinguish your product among similar and alternative products.Include items such as basic property, reliability, additional properties, the cost of servicing and commissioning.A comparative evaluation of these parameters in different products and find the difference from yours.This
way you will analyze how your product is competitive in quality and highlight its advantages and disadvantages.
Find the value of the differences in your parameters and alternative products to consumers.If the goods are of no value to the person, he will not buy it.For each property, the profitability for the customer will be different.Think Is your target audience to pay more money for a better performance, and if so, how much more.There is always a risk that a part of your potential or existing customers will be attracted competitors reduced prices on goods of lower quality.Through this research, you determine how valuable are the benefits to consumers of the product.
Add to the price of alternative goods value unlike him your product.So you get level economic value of your products, that is, find out how much consumers are willing to pay for your product, because of its unique properties.Focus on this figure when calculating prices goods.Depending on your goals, objectives and strategies, product cost may be higher or lower economic value.