Pricing Predicament

How can I figure out how much to charge for my product or service? What is the highest salary (raise) I can ask for? Talking about money is a thorny issue. Everyone has opinions about it but those underlying concerns are:

-Did I set the price so high that no one will buy? (Is the salary I asked for so outrageous that they will hire someone else)

-Did I give them such a low price that they question my value or did I leave money on the table? (Is the salary I asked for so low that they wonder if I know what is going on in my field?)

This month I had three different experiences that involved pricing.

First my mother showed me a pair of shoes that she got through Medicare. (She is a diabetic and evidently Medicare will pay for one pair of shoes a year.) She told me she would never order them again. Why? Because the doctor charged Medicare $500 for the shoes and she thought that was far too much money. (She watches the government’s money like her own!)

Next a friend told me most of her colleagues were telling her to charge more for her services. She was adamant in her stance that no one was worth what they were telling her to charge. In fact her colleagues were in the same business and commanding the fee they were recommending to her.

Finally in the news once again one of the presidents of a large company here in the US (Exxon) was reported to have negotiated a huge retirement package.

Finding an appropriate price is not easy. There is a lot of psychology in pricing along with some mathematical computation. Sometimes people forget to think about the mathematical piece. The cost of delivering the product or service including the time of the deliverer is important. If you do compute your actual costs you can then add a percentage on top (margin) to give you your profit.

Seems simple but now you’ll need to see what others are providing. How does your product compare with those it competes with? This is the market research part of pricing. If you are negotiating salary for a job, you’ll want to know what others who do similar work get for that job.

Now here is where the psychological factors come in. Price something way above what the competitors charge and you could price yourself out of business – maybe or maybe not. Perhaps your product is like no other that it competes with. In my mother’s case maybe there is only one manufacturer of shoes for diabetics and each pair must be made individually to that person’s specifications? The price may in fact be justified.

Price something way below what the competitor’s charge and it is possible you will be very busy. If you haven’t done the cost analysis, you may find yourself losing money though. Another possibility is that potential customers may question your value. “Why are you so cheap?”

Justification – that is what is necessary. In your sales pitch you will need to tell the potential buyer what makes your product so special. (Why you do charge so much or so little.) If my friend doesn’t really believe that she is worth more than she’ll have a hard time convincing others that she is. Clearly Presidents of large corporations have no problem with their sales pitch and are really good at convincing boards of directors to pay them huge sums.

“Whatever the market will bear” is often the philosophy you hear. It certainly must be the justification of the presidents and CEOs who get big salaries, bonuses and pensions. In my opinion the answer lies somewhere between my friend who doesn’t think she is worth that much and the big company pay outs. That is a place where the business owner gets what he/she is worth and the consumer gets the value he/she expects. For me there is also integrity involved in pricing not just what the market will bear.

Take Action

1. Assess your own work situation. Where are you undervaluing yourself? Write down a list of the benefits you offer to your customer (employer).

2. Check your competitors. What do they offer? How do they price their offer? Compare their offer to yours. How are they alike? What is unique about your offer? How do you tell your customers about that uniqueness?

3. Not unique? Why would your customers choose you instead of your competitors? If your uniqueness is price alone, you are on a slippery slope because there are always others ready to price below you.

Personal Injury Claims – A Road to Justice

Justice is the word that is associated with all the civilized nations of the world. It is made sure that the culprits and the guilty ones should pay for the wrong deeds they do to others. Law is the most important tool through which the deliverance of the justice is made possible. Personal injury claims are one such channel through which it is made possible. The claimants get the deserving compensation and the guilty ones have to pay for their deeds in form of monetary compensation. These cases are a very important art of the law proceedings all over the world where it is made sure that the victims should be compensated for their pains and the guilty ones should be penalized for their recklessness and neglect.

Personal injury claims involve the petition of those who become the unlucky victims of one or the other type of accident. These victims have to go through a physical injury, mental agony or property damage that are the resultant of that accident which has happened due to the recklessness of another person. These accidents can be the road accidents, the workplace injuries, the cases of falling due to slipping or tripping or the accidents involving the malpractice by any profession like medical malpractice. All these types of accident make a lot of victims turn into claimants seeking the compensation for their losses and pains.

There are specialist lawyers who are there to help these victims. They help these claimants from the basic step of determining the nature of the accident to the final step of getting the justice in form of the grant of the compensation. The specialist lawyers can be found related to the specific genre of the personal injury field. And it is always advised to get the consultancy from these lawyers as they guide the claimants in the best manner and they present the case in the favor of the claimant. There are those lawyers also who offer to file the cases on the no win no fee basis where the claimant has to pay not a penny in both cases- winning or losing.

Settlements are also a way to get the compensation claim and this refers to the off the court settlement between the claimant and the third party insurers. Otherwise, the case is sorted out in the court room. The claimant seeks the compensation for the pains and losses ha has suffered as a result of the accident and this counts a lot for him if he gets this monetary relief.

These personal injury claims are definitely an active channel through which it is made possible for the deserving claimants to be compensated via monetary relief.

The contents of the article are provided for informational and educational purposes only and are not intended for a legal advice.

An Important Job Being Done by a Lawyer in a Personal Injury Case

Personal injury cases are supposed to be built on a triangle of three important participants. These participants are supposed to be the claimant, the accused or the guilty party and a specialist and professional lawyer. Lawyers have a very vital role that is to be played in order to assist the deliverance of justice to the deserving ones. In this modern world of ours, where there is vast sea of information related to every aspect of life, there are those individuals also who try to deal the negotiations with the third party insurers on their own with out the assistance and guidance of specialist lawyer. Mostly such petitioners have to suffer consequently.

This is supposed to be the duty of a professional lawyer to satisfy the claimant who hires his services and this satisfaction can only be granted through the medium of a successful injury claim. Law cases are being associated with a lot of legalities and intricacies. These personal injury claims are also involve a set of intricate legal proceedings which only a lawyer can understand in the most apt manner.

There are a lot of such factors related to these procedures that a common man can not be able to decode them. This is the reason, it is always advised whether the claimant wants to go for settlement or for the legal proceedings, he should hire the services of a professionally skilled lawyer.

And an important thing to be kept in mind is the selection of a lawyer. You as a claimant are not supposed to get in touch with just any lawyer. Rather you are expected to appoint that lawyer who you know is the specialist one who practices in the field of personal injury claim cases. A bit of research is needed to be done beforehand so that a skilled and expert lawyer should be hired who will be able to guide you and lead the case in the best possible manner.

There are different types of injury claims and there are different types of lawyers as well who are practicing in the specific branches of injury cases like road accidents, professional malpractices, workplace injuries etc. The victim of a particular type of accident is highly recommended to consult that skilled lawyer dealing in that specific genre of personal injury compensation claims.

The lawyer not only lifts up the whole burden off the claimant’s shoulders but the expertise of that lawyer help a lot in winning the desired amount of the claim as well.