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One of the most important decisions your business can make is setting your prices.
If the prices are too low, sales might rise but your profits and income will likely suffer.
Alternatively, if the client thinks your prices are too high, they may go to a competitor. Or even find a substitute product or service -- skipping your product or service category altogether.
Either way, your sales, profits and income suffer.
Locating the right pricing structure is a crucial step in the overall strategy.
When deciding upon what price to charge your customers, most providers pick a number based on what they think they are worth, whether that is $15 an hour or $1,000.
They are focused on just one factor -- their own goals.
If the market was only concerned with your personal goals, setting prices would be easy -- Just set your income needs and get to work!
But your goal is only part of the pricing equation.
The other critical factor is identifying what is most important to the customer.
And this complicates your pricing strategy.
This is why the price you charge your customer come from two main objectives:
1. Your marketing parameters -- what the market is willing to pay, and
2. Your goals.
Armed with these big picture objectives, there are four common best pricing practices that great business people consider when developing their pricing strategy into their overall marketing mix.
For some great pricing strategies, be sure to check out our tutorial: 3 sneaky ‘psychological pricing tricks’ used by businesses to increase sales.
About Your Strategic Marketing Partner
Sam Hirschberg, MBA, is Your Strategic Marketing Partner in Arizona. Always professional and a delight to work with, Sam is not your typical “marketing consultant”. Unlike most consultants who tell you there is a problem and say, “See you later and good luck!” Your Strategic Marketing Partner knows how to find solutions, execute programs, test and measure campaigns, and how-and-when it’s time to roll-out big! You are invited to call (602) 892-0777 to learn more about Sam’s background on his FREE 9-minute recorded message. For more information about Sam, please visit https://strategicmarketingpartner.com.