Should you base prices on cost or value?

I just read a great post on Entrepreneur.com by Mark Stiving. ”I continually find business owners price their products or services based on what they cost, versus what their customers are willing to pay. Even worse, I find businesses that base prices simply on what their competitors are able to get away with.” His advice:

1. Listen to your customers.
2. Know your competition.
3. Be honest and fair in your self-evaluation.
4. Recognize that customers are different from others.

Read more here.

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