Entrepreneurs might find themselves undervaluing their products and services as they might feel that customers will opt for a cheap option rather than a good option. This fear demonstrates a lack of confidence in yourself and the product or service you are offering more than anything else.
The first step to avoiding undervaluing your product is to believe in its worth. You should believe in what you have been working on, and why the product is set apart from others.
The next step is to accurately evaluate the product. What is the value of your product? What benefits does it provide compared to similar products in the market? What expenses need to be considered? Be honest and straightforward and make sure that this is a ‘true’ evaluation.
Understand that it is okay to expect and want a profit. The way your business will grow and you’ll be able to improve your product is if you make a profit. Recognising that profit is important for progress might make it easier for you to value your product at the right amount.
Finally, always remember that if you overvalue your product, and find that there are no buyers, then you can always bring the price down for them. However, if you offer a low price, then you will not be able to justify increasing it.
Building confidence in your brand is difficult, you need to believe in yourself, your product and your team. No matter how cheesy that might sound!