Do you constantly second guess your pricing strategy? I see so many business owners asking for feedback about their pricing in Facebook Groups, but the thing is, only you can determine your pricing strategy.
Pricing your product or service is often linked to your mindset and self-worth. Whilst I can’t help you with that side of things (except to say that you ARE worthy!), I can help you uncover which type of pricing strategy you are using now, and which one may be the best choice for your business’s future growth.
Which pricing strategy do you currently use?
Download this Pricing Strategy Guide and take a look at the seven main pricing strategies business owners use. Use the notes section to jot down any ideas that spring to mind whilst you’re reading the guide. If you have multiple products and services, you may have multiple pricing strategies.
Does the pricing strategy match my offer?
Look at the definition, pros, cons, method and uses of each of the seven pricing strategies. Does it reflect your brand and is it in line with your product or service? As an example, if you’re selling a luxury organic sheet set, your price should reflect this through The Niche or The Profit Driver pricing strategies.
If you’re selling a small introductory course that’s designed to give you leads and high-volume purchases, then The Introduction, The Me Too or even The Discount pricing strategies would make more sense for you.
Is it the right pricing strategy?
Now you know where your offer currently stands, you can determine whether it’s the right strategy for your business. You’ll often need to work backwards to figure this out.
Let’s take a Me Too pricing strategy as an example. This strategy involves pricing your product or service at the same level as that of your competitors. So, research your competitors and make sure that your pricing is similar.
If you’re looking at The Niche pricing strategy, which involves charging a premium for a niche product or service, then research your competitors’ pricing (it may be a similar or standard version of your offer). This will give you a base price to which you can add a premium that you believe the specialised nature is worth, and that your ideal client would be willing to pay.
And you’re there!
It really is that simple to ensure that your pricing strategy is what your target market is expecting and are willing to pay. Where did you start and where did you end up in reviewing your pricing strategy? Send me an email and let me know!
No matter which pricing strategy you use, remember that pricing is so much more than just the number. It’s about providing a true reflection of your brand and its perception, working on your mindset to know that you are worthy of earning money and most importantly, aligning it with your values.
I know this from personal experience.
Choosing a pricing strategy can be daunting, but knowing that you can change it at any time will give you the confidence to step up and own your pricing strategy decision. If you’d like an extra boost of confidence in choosing the right pricing strategy for you and your business, then let’s do a Pricing Review together. You can find out more information on this package by emailing me.