Bangalore: Entrepreneurs have a formula with which they work and this often determines the price of the product which in turn decides the life of it. The whole process starts when a need in the market is identified, a conceptualization of a product to fill that need, price and offers that can keep it moving, closely watching the market to understand its behavior and then walk with pride for its official launch or running back to the team for some changes.

‘What should I charge?’ is a question most asked by entrepreneurs. Pricing the product or service is the key factor and success depends on this the most. A correct definition on pricing is obtained on certain other factors like –niche market, the product or its service, quality of delivery, its perceived value, the competition and such other variable factors. Here are three different concepts on pricing, keeping consulting as an example as compiled by Business Insider.

Package 1:

This package allows people to consult you at a highest hourly rate but for a lowest commitment period.

Example: This offer would have a two, sixty minute calls per month for $500 with a month’s commitment period.

This package would let people commit, only to sample the service. If the service seems good and helpful, the package can be converted to a long term one. Here only the best service survives and the name and fame factor plays a prominent role in this package. The customers must be treated in such a level that, they can’t imagine themselves without this service.