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