Product Creation and The Art of Proper Pricing

Some entrepreneurs short-change themselves when it comes to fixing a price for the products they create. Often individuals do not factor in accurate costs that can lead to a realistic price that allows the business to recoup expenses in research and development. It is also possible to fail to take into account other factors such as site development costs and administration, overhead and general profit required after expenses.There are two primary ways entrepreneurs look at this process. They will either fix the price lower hoping for high sales volume to gain a return on investment or they assign a higher price believing the product may be niche oriented and may have fewer sales.Perhaps the best approach may be to start with a higher price and reduce it once a certain threshold has been reached. This is an approach that is often seen with the launch of new electronic devices. The initial offering relies on marketing buzz and high consumer demand among early adopters of new technology. Once the first rush of sales are over the company often reduces the price to appeal to consumers who have an entirely different approach to purchasing consumer electronics.Some businesses use a marketing approach that rewards an early purchase. These pre-ordered products can often help offset immediate expenses, allow the consumer to feel rewarded for beating a deadline, and if the consumer likes the product they can be an effective sales staff that may be motivated to share the details of your new product with others.If you are the creative genius behind a product designed for market you may need to seek advice in determining a price that allows you to make a living while continuing to provide the product long-term.There are many individuals who had to close their cyber shutters simply because they under priced an item and they couldn’t sell enough of them to offset the difference.Many of these business owners saw a profit from every sale, but it was not enough to cover the expenses of the business. The truth is these businesses may have done a great job in marketing and they may have developed a respectable number of repeat customers. The problem is often a simple case of assigning the wrong price to the right product.By the time they recognize their mistake many of these businesses are at a loss in knowing how to correct the error. They often feel that if they reassign a higher price they will lose customers. The truth is if the business has supplied the product at a lower price the buying public may conclude the product is only worth this lesser amount. In some cases it may be possible to remove the product from the market for a period of time. If the product is popular consider allowing several months to pass before unveiling a new marketing plan, a new website look and an improved list of benefits and testimonials. When you reintroduce the product assign the corrected price. This strategy may allow you to correct the mistake and capitalize on the hope of renewed consumer demand for a product consumers may have missed.You could also readjust your price and strategy by altering the price upward knowing that you will receive customer complaints and the potential loss of sales and then work at developing an affiliate program that will broaden the exposure to your product among those who have probably never heard of your product creation. Be sure to factor in the percentage you will pay your affiliates in the pricing structure. New customers can help offset the loss associated with the exodus of those who do not understand the need for an increase in price.Of course the best strategy is working to ensure early in the process a price that adequately reflects the overall investment and profit requirements of your creation.

Why an Integrated Workplace Safety and Wellness Program Is Best

Employees are a business’s most valuable asset and keeping them safe and healthy should be a priority for any company. Many businesses have a workplace safety program and a wellness program, but the two programs operate independently of one another – but should they? There are some compelling reasons to integrate the two so that employees can benefit from a more global, holistic approach to staying safe and healthy on the job.

To adequately address health and safety issues, companies need to look not only at whether an employee is performing their job safely but whether they’re healthy and fit enough to do their job without a high risk of injury. Issues like obesity, poor physical fitness and inadequate nutrition make it harder for employees to carry out certain tasks in the workplace.

The link between health and safety

According to research published in the American Journal of Public Health, people who are obese are at higher risk for occupational health issues and injuries. When obese staff are exposed to chemicals on the job, they’re at higher risk for occupational asthma and heart and lung issues compared to a non-obese person. They’re also at greater risk for ergonomic issues and bio-mechanical problems including carpal tunnel syndrome. If companies focus on workplace safety without addressing the obesity issue, the bigger problem remains. A unified approach that integrates occupational safety measures with wellness initiatives that emphasize good nutrition and weight control provides a more effective solution to the problem.

There’s also the issue of back injuries. Back injuries are one of the most common workplace safety issues, and people who are overweight and physically unfit are at higher risk for injuring their back on the job. Most back injuries occur as a result of lifting objects at work and ergonomic issues. Although it’s not possible to prevent all work-related back problems, integrating wellness with safety by emphasizing regular exercise to strengthen muscles in the lower back can reduce back injuries. Integrating workplace safety and wellness offers a more well-rounded approach to preventing back injuries.

What part does wellness play in safety? Wellness programs that focus on stress reduction, smoking cessation and alcohol and drug-related issues are also important for workplace safety. According to a study published in a Canadian publication called The Daily, smokers are at greater risk for being injured at work compared to non-smokers. Among women, the risk was nearly double. Stress does more than just affect employees psychologically – it increases their risk of being injured on the job. Employees who are under stress at home or at work are distracted and less able to focus on doing their job safely. Integrating stress management into a workplace safety program can help reduce the number of injuries and motivate employees to be more productive. Nutrition is another factor that a workplace safety and wellness program should address. Employees who start their day with only a cup of coffee are more prone to blood sugar drops that can lead to workplace injuries. Good nutrition is an integral part of any safety program.

There’s another benefit of merging wellness and workplace safety. Employees are less likely to participate in programs that address workplace hazards than they are wellness programs that focus on personal benefits. Integrating the two makes it more likely that employees will take part.

The bottom line

Combining workplace safety with wellness has a number of benefits for both employees and employers. Most importantly, it helps to create a safer, healthier and more productive workplace – and that’s something every company should strive for.

Simple Tricks To Sell Your Product

How to achieve good sales in the product that you are selling? In any campaign that you are about to launch, you need to put in efforts to influence the decision making of your customers, and to be totally in the favor of your company. Well, the whole idea is to play with the psychology of the consumers!Let’s look at some tricks, which you can use to influence the mind of the consumers. These tricks are useful not only to the ordinary sales person, but also to larger firms.Firstly, consider using mutual exchanging, which is the most powerful trick. You can start off by giving freebies to the customers. Initially, the customer will accept it, but from the next time, he will feel obliged and will try to return the favor. For example, offer your product free initially. If the customer is satisfied with the product, he will pay for it the next time. This principle causes some confusion to some. To be effective, remember that the product should be given totally free without any condition to be fulfilled. For instance, it is definitely against the principle to quote in your sales line, “Spend over $40 and get a free download of an ebook!” The right sales tag should be “Download the ebook absolutely free!” If the ebook is really good and useful, the customer might think of buying other ebooks from your company, and even recommend your site to other friends.The next trick is to present something as of high value, but it should cause only a small or no amount for the company to produce it. An example is that of information. The whole idea is to attract the customer that you are revealing to them a big time, valuable secret, which is not known to anyone at all. But beware that you do not turn the big secret into another advertisement.Most customers do not reject free samples. And that’s the next tip. Give out free samples to your targeted customers. However, bear in mind you should use good quality products only. Some companies have not been successful in using this tip because they distribute samples of poor quality or even rejected products! The customers have a bad impression of the product and will therefore not buy it.Catch the customers with words that initiate immediate action. For instance, “One time offer”, “Offer while stock lasts” and “Last Day offer”, just to name a few. These are really motivating as the customer gets the impression that the offer is valid for a limited period only and the product is limited edition. What’s next? The customer feels that he should go out and buy it before it is too late.Another way to increase sales is to trick the customer in making a commitment, step by step towards the goal, without realizing it. How can we achieve this? To begin, when a customer requests for some information, provide him with the relevant details for free, and make him fill a form with his contact information. The content of the form can be getting offers and information about products in future. A word of caution – no advertisement at this point! Once the customer provides his contact information, then will you start the advertisement about your products and services! A good example is to conduct surveys.You can increase the sales of your products if you apply the tricks appropriately in your business.