Pricing can be a gamechanger in a business. It is one of those small changes you can make in your business that can yield surprising and outsized results.
A lot of businesses are leaving money on the table because their prices are much lower than they should be. Some other businesses are struggling to make sales because their prices are sending the wrong message to the market.
Pricing is one of those few levers in a business that can be used to significantly influence the behaviour of your customers and improve your financial performance.
And sometimes, all it takes is one small tweak.
Without even changing the looks or features of what you sell, using the right pricing strategy can help to boost your sales, optimize profits, and position your product in the mind of the customer.
But what is the secret to setting the best prices?
But setting the right price for a product is part art, and part science — there is no single almighty formula. But there are proven strategies you can use to get the results you’re looking for.
In this exciting episode of the Smallstarter Business Podcast, I explore the contentious problem of pricing in a way that makes sense to my 5-year-old boy by using real-life examples of pricing strategies of brands and businesses you already know.
Every business is not the same and yours may need a unique pricing strategy. That’s why you need to pay close attention to the content of this episode.