Pricing Strategy For Business

Want to increase profits and add more value to your customers at no cost?

Let me help you with your pricing strategy. The foundation of increased profits and adding value come from your pricing strategy. Pricing can be simple and also quite complicated depending on your business model.

So where do I start with pricing?

You know your business and I know how to dig down into the numbers to get what
I need to understand the products / services you are selling and the market you are
selling them too.

I kick off with a pricing assessment, considering the sale price of all of yourproducts, what the costs are to provide them, what the market can handle, what the customers expectations are and also what your competitors are doing. And then I look at what you want to make in profit. I analyse all those elements to create a price range.

That range then creates the basis for what products are sold at what prices and how that is communicated to customers as well as the value proposition attached to those products and prices.

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What other pricing considerations do I look at?

Once I have completed the assessment and the price range for each product I then look at a range of other considerations such as A brand is the foundation from which everything else evolves, it’s your guiding light. I will create a definitive brand for your business that portrays your values, unique selling proposition and why customers need you.

What other pricing considerations do I look at?

  • Distribution and Resellers – Who is selling or reselling your product? What do wholesale prices look like compared with retail and how these can be adjusted if needed.
  • Incentives and bonus – Are you paying your sales team an incentive or bonus? How does that impact profit and or grow sales. What does that incentive look like as a discount and how can your business utilise incentives to drive future sales for the long term?
  • Packaging options – How are you packaging your products internally and externally to make more sales? What opportunities exist to create bundles and packages to sell more? What impact will those prices have on profit?
  • Value propositions to your target market – Many markets are happy to pay more when they are guaranteed a certain level of service, inclusions and so on. Therefore, let’s consider what the value proposition of your product or service is and how much the target market can be encouraged to buy at the best price.
  • Discounting and promotion – Blanket discounts can drive your business into the ground. Through this process we
    consider tactical pricing, managed discounting and how we stimulate demand to sell
  • Price testing – Science or art – I can not tell you what pricing is but I do know it needs to be tested, which is not always easy to do. We can dig down and see what has worked in the past, what price ranges might work in the future and test a few options to see what works best to increase profits and maintain demand for your products / services.
  • Implementation and communication around price changes – Once a price has been decided then I work through with you as to how it’s communicated to the customer in order to maintain sales and increase profits.  We look at the language and the value of what we are telling customers about your prices.
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Contact me today to help you increase profits, maintain and improve sales and
grow your business

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Need my help with your business? Get in touch today.