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 firstname.lastname@example.org. I am happy to share.
1. Consider your current position in the vicious and virtuous pricing cycles
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
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.