Can you charge someone for it?
When you are considering the price you can set for a product, the law of supply and demand becomes critical.
If what you have to offer is the same as everything else, they you are selling a commodity and you'll need to be priced the same or better than everyone else.
If your product is the only one around, then you can charge a higher price.
When you come up with a new product or service to sell, you have to consider what your competition will be. Even if your product is very unique, there are always alternatives to your product. Don't simply throw a dart and hope you land on the right price. Make sure that you set the price based on what the market will bear.
Not more. Not less.
Corey Smith is the Vice President of Innovation at Fisher’s Document Systems where he maintains a blog on business and technology.
Corey Smith is the president of Tribute Media a web development firm providing high performing, industry specific websites. He is a businessman, writer, technology fanatic, graphic designer and web developer. His greatest passion is teaching, consulting and speaking.
You can find him on Twitter, FaceBook, FriendFeed, and LinkedIn.
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