Answer Review :: Haq Hai | Business Coaching in India | IILD

Q. We are product designers, As a product design consultant, we are facing the problem in deciding the fees and fees negotiation.

: NAVEEN PATIDAR | : 2018-01-09 | : PricingNegotiation

Reveal Answer

Deciding the fees and negotiating on the same can be a tedious task. Generally, the cost is defined based on two conditions:

Entry Strategy

Imagine you are planning to get onboard a renowned client, which is most likely to elevate your brand recognition. In this case, you need to set up a cost with a low profit. When setting up the cost, you need to consider 3 primary factors:

  • Time to be invested
  • Money to be invested
  • Resources (Manpower)

The profit amount should be added to the amount to be invested in the above-mentioned 3 factors.

Turnkey Project

In this case, you are an already established brand. So, you are in a good position to demand a profit as high as 50 to 100% percent. The 3 factors to be considered remain the same as those to be considered when opting for an Entry Strategy.

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