The first step towards finding the right pricing solution is if you can say the following,
“Not all customer-groups value my products the same way“.
If this is true for your business, whether you provide a product or a service, then you are in the right place to start your pricing journey.
Once you realise there is variance in value perception, you can start asking yourself some interesting questions;
- Am I losing some customers that don’t buy now, buy will buy if prices were cheaper?
- Will some of my customers buy more if I reduce the price?
- Are there customers that would pay more?
- For the same product
- For a better version of my product
- Will I make more or less profit if I reduce or lift the price?
And probably the hardest question for some is;
How do I measure that?
Welcome to the world of Pricing Analytics.
We face these and other significant questions on a daily basis.
We know the science and the art used by the leading companies in the market to solve these questions.
For many small to medium businesses pricing analytics is not a common subject to think about.
Some people are probably thinking “Pricing? Is This A Thing?”
(Oh yes. Pricing Is A Thing!)
Some think “Pricing is easy! I can do it by myself” (or maybe you already did?).
For these people we have this free advice; Don’t!
Don’t be the guy who opens a restaurant without a chef.
Don’t be that person who starts an art business and “doesn’t need an accountant”.
Don’t be that company that says “Oh, we price like the competition, it works fine”.
Research shows that small businesses have more challenges in getting access to much needed managerial and financial skills.
This affects short and long term decisions regarding pricing, operations, and marketing.
Thus, small businesses tend to be more short sighted in planning their pricing, employment and financials.
Don’t save where it counts. Get a pricing advice.
Good Pricing Is Good Business.
Contact us for a free consultation