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Price Psychology

Setting the right price for your product or service is hard.  It’s the toughest thing a business has to do, mainly because it has such a big impact on the company’s bottom line.

In this video we are looking at pricing cycles and what influences your pricing decision – a really useful exercise to help you consider how changes in the trading environment can have an impact on the perception of your offer.

Feel free to request the templates laura@thehiddenedge.co.uk. I am happy to share.

1. Consider your current position in the vicious and virtuous pricing cycles

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2. Determine the external factors that influence your pricing strategies:

3. Highlight those with a high impact, medium impact and low impact to narrow down the field for concern

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4. Consider how you maximise the opportunities and/or minimise threats from the external environment.

Please do share your experiences with this model in the comments below.  I am building a portfolio of small business case studies and would love to include examples of what has worked well for you.

PS – If you need further help then give me a call on 07962 626604 to arrange a Skype session with me.

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