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ABOUT GLAM AFRIC

Transforming the way African beauty clients & businesses access the unique services and products they require.

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how to price your beauty products

Setting the right price for your beauty products is one of the most important decisions you will need to make in your business. No matter how passionate you are about your business or the value it provides to customers, you will need to make a profit if your business is to survive.

Product pricing is an essential aspect of how much profit your business makes, the audience you pull and it’s reception. 

Here are some tips on how to set the right price for your beauty products

  1. CHECKOUT THE COMPETITION: Before you decide on your pricing, you should check out what other similar businesses have set as their price. This would give you an idea of what to charge and also influence your judgment and also help you decide on what side of the spectrum you would like to fall under. Selling on a beauty marketplace like Beauty Shop by GlamAfric also gives you amble insight.
  1. COST OF PRODUCTION: This factor greatly affects your business. It is important to factor in every aspect of the cost of production from sourcing for raw materials to hired hands it would take to manufacturing and logistics involved in the process as well. You can not afford to price below your cost of production as this would leave you running at a deficit. 
  1. DETERMINE YOUR PROFIT MARGIN: Your profit margin is basically how much interest you want to earn on each product. It could be as high or as low as you want it to be but keep in mind that this affects it’s accessibility, your audience and also how well your business would perform.
  1. VALUE TO THE CUSTOMER: You have to answer the question what is this worth to my target audience? How much are they willing to pay for it? And also who exactly is my target audience? Answering these questions would help you set the right price for your products. If your target audience are students, would they be able to pay exorbitantly for whatever product you are offering them? 

Ultimately, setting a price for your product(s) is entirely up to you but also are influenced by certain factors that you have to take into consideration. Although you are free to play around with the market and see what price sticks, it is not advisable to tow this route so your business doesn’t come off as indecisive. 

See other resources here

If you need tips on how to write the perfect product description click here