Have You Got Your Prices Right?
Your prices affect the demand for your products. So, getting your prices right can have a big impact on your profits, the growth of your business and its very survival.
You should consider Price as a key ‘P’ in the Marketing Mix so it is well worth focusing on.
But it is difficult to get your pricing strategy right.
Your prices should be a function of the customer value that your products and services deliver.
Your pricing needs to reflect your market position, relative to your competitors. It should usually be based on ‘market pricing’, take psychology into account, but should also make sense on a ‘cost-plus’ basis.
See more on our approach as Marketing Strategy Consultants for Small Business.
Do you know how to use pricing psychology?
“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.” (John Jantsch, Duct Tape Marketing)
More than half of SMEs under price and try too hard to compete on price, which can have a serious impact on profitability. Don’t take this dangerous but tempting route unless your so new to your market that you have to ‘penetrate’ your market, or 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 premium 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.” (John Jantsch, Duct Tape Marketing)
"We couldn’t have got this far without Christopher Lamotte from Real Marketing’s attention to detail! ...Great result. [And, our clients] were super pleased with the health check - they said it was really high quality, and to pass their thanks on to the team."Sell Beyond
Amazon Marketing Consultants
Founder
"Christopher at Real Marketing Specialists was instrumental in helping me develop a marketing strategy for the year ahead and take my business to the next stage. His recommendations were insightful and completely actionable. I would not hesitate to recommend this company!"The Cheese Lady
Svetlana, Owner
"Christopher from Real Marketing got to know our business, Baigali Designs, very quickly and his vast experience in Marketing helped us develop an excellent marketing and communication strategy. This has made a big difference to the way we operate. Highly recommended."Baigali Designs
Lesley & Gary Pugsley
"Real Marketing carried out a full marketing review of my business, which has been extremely valuable in helping me to focus on the priorities to help build awareness and growth. Christopher is extremely professional, knowledgeable and easy to deal with, and I am sure that there will be further collaboration moving forward. Would highly recommend.” Dianne Newman
CEO , RAM UK, Advertising Measurement
"Christopher Lamotte of Real Marketing has done a first class job. Christopher’s great strengths are that when he says he’s going to do something, he does it and promptly. The immediate benefit is a full order book and costs are under control." Chippendale International School of Furniture
Anselm Fraser, Founder
"Christopher has helped with several Brightwaste and Spotless projects and has managed to exceed expectations on each occasion. He has a detailed and insightful knowledge of his marketing. Strongly recommended."Brightwaste & Spotless
Roger Green, CEO
"Christopher was fantastic to work with and has been instrumental in helping us put in place a much needed marketing strategy. We found him to be very easy to work with and very quickly understood our needs as a business. Moving forward, we now have the tools in place to implement our marketing strategy. The support on the Social Media side was also fantastic."Venturing Out
Claire Mackenzie, Joint Founder
“Christopher provided clarity and helped educate us on how we should present and promote the business. His help has enabled our business to grow two-fold in 6 months, and we know how to grow further.”Forever Spaces
Rod Williams
CEO & Founder
"Christopher has managed to inspire marketing effort along cost effective and targeted channels to very good effect and to the envy of many competitors, often with larger budgets."Winton Castle
Sir Francis Ogilvy
"It was so useful to have a fresh pair of expert eyes look at our marketing. We got loads of great ideas from it and a clear action plan to carry them out."The Premium Bakery
Mona Hashem
"We were delighted and grateful to have Christopher’s experience on call, while he was always easy to work with – often going beyond what was expected. I can thoroughly recommend him!" Belhaven Hill School
Innes Macaskill, Former Headmaster
"We felt that Christopher listened to us and took account of our understanding and capabilities when it comes to marketing… We learnt about elements of marketing which we’d previously not considered such as building a YouTube channel for videos. There was also very detailed evaluation of our website which included aspects we had never before considered… It is very valuable to see the calendar with very clear targets…"Hurly Burly Brewery
Louise & Peter McNaught
"I very much enjoyed working with Christopher on our Marketing project. The work we did was very practical and the outcome is that I have a set of very clear, actionable points. Christopher went 'over and above' what he was required to do in the project and I am grateful for that."Martin Cook Accountant
Martin Cook
"It was really useful to sit down with Christopher as a whole team and to discuss the finer elements of our marketing strategy… At times, we didn’t make things easy for Christopher as we didn’t always know what we wanted but he helped us reach our own conclusions and steered us when necessary. He is very knowledgeable about marketing and his affable and personal approach was much appreciated."Future Proof Learning
David Maltman, Director