For small businesses, valuing a product can be a veritable minefield; Are you charging too much? Are you underselling your product? Charge too little and you could be leaving money on the table, but charge too much and you risk not selling your product. Enter, PricingProphets.com.
International pricing expert John Manning has addressed pricing problems by launching ‘PricingProphets.com’, a site offering advice to SMBs on what they should be charging for their product.
The website works by gathering together pricing experts from all over the world, who collectively have 187 years of experience in the area over 37 industries.
According to Manning, there’s much more to pricing than simply working out the hours involved in delivering a service or working out the manufacturing cost and adding a percentage of profit that you wish to make.
“Customers don’t care about what it costs you to manufacture a product of provide a service. As a result, a value-based approach to pricing is more effective than a cost-plus approach,” he said.
PricingProphets.com is the only website of its kind and offers customers the advice of an expert panel in finding an appropriate value for their product. Once registered, a user uploads their pricing issue and the website assesses the project and gathers the most appropriate experts in the field. The user is then notified that their project is completed, usually within seven days, and ready to be reviewed.
Pricing Prophets charges $600 for its expert advice (including GST), with Manning saying his service prides itself on being timely, accessible, affordable and egalitarian.
