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Loudoun Economic Development Blog

Information on Loudoun's businesses, both big and small, as well as focused information on the DED's key business sectors and events.

Jul 06

Are You Charging Enough for Your Product or Service?

Posted on July 6, 2015 at 1:47 PM by Amy Mugford

Are You Charging Enough for Your Product or Service

By: Lois Kirkpatrick

One of the biggest mistakes small business owners make is not charging enough for what they sell. Too many entrepreneurs use simple math to figure out how much to charge for their product or service. They decide to compete on price by charging as little as they can get away with and still pay their bills. They think that offering the cheapest price will win them more customers.
 
That's not a sustainable strategy for the long run. It's basically telling customers that there's nothing special about what you're selling.
 
It's better to figure out how much your ideal customer would pay for the specific benefit you sell. For example, if your product saves time, think about how much your ideal customer would pay for more free time. He or she might pay 10 times what you're charging just to have more R&R.
 
You could also set your price to match -- or exceed -- your customers' discretionary spending. Let's say research shows that your clients strive to do more, be more and have more. They're reaching up. Making your service more expensive than its competition sends the message that it's higher quality and more valuable. If you make your service feel like an achievement, achievers will pay more for it.
 
Just remember that if you do charge more, everything about your business has to support the message about your product's quality. That means your packaging, your website, your office space, and even your business cards have to look as upscale as what your price implies. Work with experienced designers and other professionals who will help make the price you charge look justified.
 
And be willing to pay more for their service.
Jul 01

Ever-Changing Business Climate and Dynamic Global Economic Environment - DED in the News

Posted on July 1, 2015 at 12:20 PM by Amy Mugford

Global Economy

Loudoun County is a hotbed of economic development news. Stay tuned to this blog, where we'll post a roundup of the biggest stories to appear in the press. As always, if you want to stay up-to-date on everything that's going on in the world of Loudoun economic development, you can follow us on Twitter, Facebook and LinkedIn.


Jul 01

Honoring Signature Spaces, Preparing the Move Toward Metro - DED in the News

Posted on July 1, 2015 at 12:13 PM by Amy Mugford

Loudoun_Station1.jpg

Loudoun County is a hotbed of economic development news. Stay tuned to this blog, where we'll post a roundup of the biggest stories to appear in the press. As always, if you want to stay up-to-date on everything that's going on in the world of Loudoun economic development, you can follow us on Twitter, Facebook and LinkedIn.

  • Celebrating the 11th Annual Design Excellence Awards, the Loudoun County Design Cabinet and the Department of Economic Development Honor 'Signature' Spaces and Places. 
  • With the recent naming of Loudoun Gateway and Ashburn Stations, study looks at the importance of the silver line stops. Results show that more than 90 percent of new office space in region with half mile of Metrorail.
  • Joining in on the migration towards the Metro Silver Line developments, Loudoun County Department of Economic Development is bound for Loudoun Station.