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.
Watch the video for background information about Price Psychology, 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.
PPS – This exercise forms part of a series of workshops on Profitable Pricing