Tips for establishing your product as something of value

When it comes to products everybody thinks there are products are of some kind of value, but what kind of value they are worth depends on numerous factors. In the health industry like other industries you need to figure out what value your product is worth. In order to do this you are going to first need to price out your product or service so you know what you are going to ask for it. And after you have figured that out you are going to need to market your product so that you are establishing your product in the minds of the consumers or doctors as something of value. Basically you are going to send the message to the consumers or doctors that your product is something worth having, basically that it has some kind of value for them if they buy it.

Here are some tips for establishing your product as something of value.

Tip one:
First you need to take into consideration all of your costs that are needed to sell your products. The reason that you are going to need to do this is so you can start to figure out the monetary value of your product. This is where it can get tricky because you will have both fixed and variable costs that you need to take into consideration, but you also have to break down those numbers to figure out what one unit will cost to sell. Rather than doing this some retailers simply add on a percentage markup to cover all of their costs.

Tip two:
In order to price out a service the first thing you are going to need to do is to consider some common pricing factors. Some factors to consider are pricing history (what others are offering for the same service), any special requirements (such as shipping or packaging), special options (warranties), bidding costs, and your overhead and profit.

Tip three:
With services you are also going to have to think about your true overhead costs. Most small businesses simply tend to apply a percentage to the service that they hope will cover all of their indirect costs, which is not the correct way to go about it. To determine your true overhead costs you should use a form of activity-based costing, which allows you to look at every cost of your business that is related either directly or indirectly to the service that you are offering, including heat, gas, payroll and numerous others. Even though activity-based costing is geared more towards large businesses, you as a small business can adopt a simplified form of it to determine your true overhead costs.

Tip four:
Now that you know how much you are going to charge for your product or the value of your product or service you are going to need to convince others that your product is valuable. One thing that you can do is hand out samples at trade shows that are for the health industry or if you are offering a service you can allow people to try a part of the service to see what they think, this will work with some products as well.

Tip five:
In addition to trade shows you are also going to have to convince doctors, nurses, etc that your product has some kind of value for them, whether it is improving the technology they currently use or making their jobs easier. You can go about convincing them that what you are offering has value by scheduling appointments with them to show them what your product does and then allowing them to test your product.