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Well, of course, you can start by opening up my pricing workbook and making sure you've included all your costs in your price.

But what if your customer expects to pay more? What if you're actually too cheap? What if you're putting people off with your prices because they don't convey the quality of your product?

Probably hard to imagine, because we often price things according to our own knowledge - we know how much the materials cost, we often feel guilty about marking up so much.

I'm here to tell you that knowing your ideal customer and target market will help you price your products appropriately. Because once you know who they are, you'll be able to work out what they expect to pay for your product.

If you're making candles and your ideal customer is a student, then, sure, keep your prices low and affordable. If your ideal customer owns a country pile, with a couple of super cars parked out front, then make sure your price reflects the status that they want to convey with every purchase they make. The ingredients and the method may be no different, but the price should be. Because your country pile owner, wouldn't be in Wilko's buying a candle for a fiver, they'd be in Harrod's parting with £100 and thinking nothing of it.

So, to price your product, make sure you know your costs and make sure you know your customer.

If you'd like to get to know your customer better, make sure you get on my next Attracting Customers to your Craft Business group programme, starting on 4th April.

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