The temptation to build a business on price is often disguised under the term value for money. However it is unlikely that one pricing strategy will fit all. In this video we are looking at different pricing strategies and the product life cycle – really useful for considering how you price a product or service to take advantage of external influences.
Let’s have a look at the choices
Watch the video for background information about the 9 Pricing Strategies, feel free to request the templates firstname.lastname@example.org. I am happy to share.
1. Recognise the 9 different pricing strategies
2. Consider your business product, service portfolio in relation to your business growth plans
3. Plot the different strategies that you might apply for each of the five phases in the product life cycle
4. Determine your pricing strategies that match your target user and your position in the market place at any given time in the life cycle
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