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Corporate films are the ones where team SMP is very efficient and quick in giving results for our visual practices. It’s made a big difference for many of our customers, and is provided with the highest level of excellence. With this service, we ensure all details are simple, seamless and handled in a timely manner. Whenever you work with Soul Motion Pictures, you can trust that you’re in great hands.

How to price your product?
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How to price your product?

One of the secrets to the major business success is to price your product correctly. Product pricing enhances the selling power which in return, creates the foundation for a business to prosper. There are different types of pricing strategies in business. Pricing your product involves considering certain key factors like target customer segment, pricing of the immediate competitor & understanding the relationship between quality & price. Key parameters that determine product pricing are:- 1) Know Your Product The most important aspect about pricing is to know your product. No one but only you can understand the efforts that you have put through to get your product together. You have to understand the worth of your product very well before you price it. 2) Know Your Customer Before deciding on the price, it is very essential to know who your target audience is going to be. You need to learn which segment of the society you are going to target to sell your product, if it is for the middle class consumers or for the rich. Once your segment is clear, you can decide the price for increased sales, product valuation & the outcome. 3) Know Your Costs The basic agenda of having a price for a product is to cover the costs incurred & then to lead it gradually into profit. You need to understand how much you need to price your product at & how many you need to sell in order to turn your business into profit. The final pricing of the product includes overhead fixed costs like rent & variable costs like shipping charges. 4) Know Your Revenue Target You should set a revenue target for how much of a profit you want your business to make. Take that revenue target, add production cost to it along with marketing & sales cost & you can come up with a price per product that you want to change. 5) Know Your Competition Always be aware of what your competition is up to. Initially you can start off with pricing your product at the same price but as you realize the exclusivity of your brand, you can slowly increase the rates. At the beginning, it is always better to have the price which is suitable for the masses, once you realize your worth, you can re-evaluate the price & sett it at a higher rate. 6) Know your market It’s important to keep a track on how your products are faring in the market along with your competitors’ products. You also need to keep a track on the demand of your product in the market & in case you see a huge difference you can immediately implement new strategies to uplift your business.
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