Too low, too high or just right?
An emotive subject. Do we have one price for all? Tiered pricing structure? Discounts? Promotions? Do we copy competitors?
So many options. So many strategies. Shall I tell you a secret? The secret is…..
Know YOUR worth.
Believe in YOUR worth, based on your USP, your differentiation and how this addresses the challenges of your target market.
Your price / your worth as a minimum should reflect your:
- Costs – have you factored everything in?
- USP – your differentiation has a premium
- Customer – what share of wallet can they afford to spend… is it a luxury or a necessity?
- Quality – added value has a premium
Then comes the hard bit. You have created your pricing strategy. But:
- Do you find it tough to talk about your price?
- Do you charge your worth?
- When was the last time you reviewed your pricing?
- Do you think if you increase your price you would lose customers?
- Is it an elephant in the room when chatting to prospects?
Now comes my second secret.
I don’t see it as a price, nor a cost.
Never have – even in my corporate career.
Every cost is an investment being made for a reason. An investment to make things better. To improve their performance, their confidence, their customer experience, deliver their goal etc. Every cost should have a return on investment.
So my advice… create the story and help them to visualise this return on investment. Help them imagine what business would be like with that investment and how challenging it can continue to be without it. Then once the business has been won, make sure you DELIVER YOUR PROMISE to get loyalty, repeat sales, referrals, and testimonials.
If you would like support on reviewing your pricing strategy then do get in touch with me, using the Contact Me page.