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The connection between convenience and pricing

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If you are a business owner you may be surprised to learn that there is a connection between convenience and pricing. How you price your product or service will determine in large part how convenient your customers find it. In addition, both convenience and price will play a part in your overall marketing strategy. You will need to be able to show your customers that no matter what the price of your product or service that it is convenient for them and will be the solution for their want or need. When you are able to understand the connection between convenience and price you will be able to design a much more effective marketing campaign. Here is what you need to know about the connection between convenience and pricing-

- Know what your customers want-Before you can even begin to consider pricing you will need to carefully consider what your customers want. You will need to know what they will be willing to pay for your product or service. Keep in mind that you only have one chance to price what your business offers the first time. If you price to high you may drive your customers to the competition. If you price to low they may not see value in your product. Doing the right amount of market research is critical to being able to set the right price and appeal to the convenience that your customers are looking for.
- Start with price-There is more to pricing then just setting what your customers will pay. You will need to know what it costs to make or purchase the product that you are selling. If you can't cover the costs of what your business offers you won't be doing business for very long. You should also be aware of how your competition is pricing their products and services. You want to make sure that you are somewhere around the industry standard.
- Show the convenience-You want to make sure that you are pushing how convenient your product or service is. Most customers today are looking for ways to save time and money. This means that having the right price won't be enough. You will need to show through your marketing that your product is not only worth their money but will add convenience of some type to their lives. This can be anything from saving them time or keeping them from having to do an unpleasant task. The bottom line is that customers will want to know how your product or service will improve their life before they hand over their money for it.
- Add in something of value-It can also be effective to add in something beyond the convenience and price of your product or service. While these two items will attract the attention of your customers you will need to do more to keep it. What you choose to add in will depend on the wants and needs of your customers. Will your customers want to know that your product is green or that some of the proceeds will go to a local cause? Whatever that extra is should become a part of your marketing strategy along with convenience and price.
- Make sure pricing does not detract from convenience-Finally, it is important to keep in mind that pricing should not detract from convenience. Business owners need to understand that their customers won't pay double for a product just because it may be more convenient. You will need to make sure that you have balanced both price and convenience as part of your overall marketing strategy.

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