It’s no secret that optimising the pricing of your products and services can be the difference between success and failure in the market…
Especially right now.
But when it comes to increasing your prices, it’s a delicate balance – too much of an increase can lead to losing business, but not enough can jeopardise your growth plans.
But if you’re looking for ways to supercharge your pricing strategy without losing customers, here are some tips to help you develop a winning pricing strategy for your business:
- Know your customers – don’t assume you know whether your customers or prospects can absorb further price rises until you test or research the impact of changes.
- Offer more value – provide genuine additional value to your customers and don’t commoditise your offering.
- Use discounts and promotions strategically – a useful tool for incentivising customers to buy from you. But don’t rely too heavily on discounts, to avoid an expectation of lower prices OR lack or perceived value. Try bundling more products and services together.
- Monitor your competition – keep an eye on your competitors’ prices and monitor customer feedback to assess your own price levels.
- Be transparent – bottom line is that customers appreciate transparency when it comes to pricing. Where possible, be clear about your pricing strategy and explain why you have set your prices at a certain level.
I know lots of business owners are fearful of implementing price increases right now. If you’re providing value , have increased costs to manage and the market can sustain price increases… don’t leave money on the table.