Pricing Strategy Explained14 minAdd to My Watch List Expand buttonThe price you set for your product or service broadcasts its value to potential customers. This Microcast provides an overview of the many variables that impact the pricing, pricing models, and using competitive analysis to achieve competitive pricing and healthy maragins.
Pricing can determine whether your business succeeds or fails – yet too many entrepreneurs rely on guesswork or back-of-the-napkin calculations to set prices. This learning stream reveals a proven methodology for developing a pricing strategy, as well as ways to increase customer perceptions of value so you can justify higher prices and boost margins. As part of the process, you’ll learn how investors evaluate pricing strategies, the advantages and drawbacks of different pricing models, how to calculate margins, average margins for specific industries and retail categories, how to gauge price sensitivity, and how to build a pricing profile specific to your offering based on eight key variables. Tips and examples are included for both product- and service-based businesses, as well as businesses that contend with seasonal pricing variations. The session offers guidance on bundling, discounting, and other pricing techniques, which you can apply in a workshop session that walks through the pricing strategy framework step by step.
You will learn…
- How do customers perceive price and value?
- What will customers pay more for?
- Why is pricing important to potential investors?
- Which pricing model should I use for my business?
- How do I determine how much pricing flexibility I have?
- How can I justify higher prices in a competitive market?
- What are ways I can add value that boost margins, not costs?