When it comes to your brand, how do you determine the value of your products, goods, or services you SALE? Do you base your brand’s value on your social media platform analytics? Or, do you base it on the number of sales you make? No one will value your brand like you will. In this blog post, you will learn three key factors to consider when it comes to the appreciation and worth you place on you.
Invest Time in The Research
When your brand was a thought in your mind, you could not wait to share it with the world. You may have felt you could provide an answer to a problem, better version of a good or service, or something new and innovative by creating your brand. In the process of moving from a thought to a tangible good or service, make sure you invest time in researching the market analysis. Why is this important? A market analysis provides you with valuable insight on competitors, demographic of target customers, and changes in market trends. A market analysis is key to a business plan and should be continuous to brand enhancement and longevity.
Establish Your Price Point
After doing due diligence in the area of market analysis research, establish your price point. In doing so, consider all the variables of creating your goods or services. Consider the costs associated with time and money spent on the necessary resources obtained and utilized. Once you have calculated these costs, you could use a cost-based formula to establish your sale price. The cost-based pricing is cost (materials, labor, and overhead) + markup percentage (retail standard 50%) = price.
Materials – $12
Labor – $6
Shipping & Handing – $4
Total Cost – $22
Your sale price should be $33.00 ($22 x 50% = $11 (markup)+$22)
A variable to keep in mind with your price point is the price could change based on the price of materials and postage increases. Once you establish your price point, make sure not to change multiple times. Don’t feel discouraged if sales don’t come your way as fast as you want them to. Remember, brand creation and establishment is a process.
Once you have established the price and given your products or services a monetary value, stay consistent. One way to stay consistent is make sure you stay true to your brand. When it seems as though others don’t value your brand or have an unpopular opinion about your brand, maintain your brand integrity. Don’t sway on your pricing because some customers want a hook up or a special discount. Although you want the support from most of those who you introduce to your brand, everyone won’t place the same value you have on your brand.
One only values what one spends time on. When it comes to your brand, do you know your brand’s worth? Do your due diligence and research the trends in the industry your brand falls in. Establish your price. Stay consistent and maintain your brand integrity.
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