Sticky Notes Showing Currencies - Marketing Budgets - Real Marketing Specialists

Price is the most difficult ‘P’ in the marketing mix to get right.

Have a clear pricing strategy

Getting your pricing right can have a big impact on the growth of your business, or its very survival.

Your prices should be a function of the value your products or services deliver.

Your pricing needs to reflect your position in the market relative to your competitors. It should usually be based on ‘market pricing’ and also stack up on a ‘cost-plus’ basis.

Almost every small business I have ever worked with doesn’t charge enough for their products and services. This is due in part to a lack of confidence, in part to a feeling of competition, and in part because they have never strategically educated their clients on the value of what they have to offer.

 

Too many businesses try to compete on price, which can have a negative impact on profitability. Don’t take this dangerous but tempting route unless your business is called Lidl, Poundland or Ryan Air!

  • Businesses marketing superior products or services should be charging higher prices that reflect their value.
  • Your products can be both expensive and really good value.
  • Build a brand to help you charge higher prices.

Price, as I suspect you’ve learned, is a terrible place to compete. There will always be someone willing to go out of business faster than you.

 

Contact Christopher Lamotte (via email or on 07957 870071) for a pricing review if you need a pricing strategy consultant.

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