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The Price Is Right

Price is often the first thing on your customers' minds--so you need to think about it, too. Name your best price with these key strategies.

This story appears in the May 2005 issue of Entrepreneur. Subscribe »

There are very few hard-and-fast rules in sales, but here's one that is true 99 percent of the time: If you focus solely on price when selling your product or service, so will your customers. Unless you can distinguish your product from its competition, the product with the lowest price will get the sale.

Because everyone's concerned with money, you can expect to hear price objections from customers at least once in a while. The key to avoiding objections is making sure customers know what they're getting for the dollars they're investing.

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