It was great to speak to an audience of local SME business this week about my favourite topic of pricing.
We discussed the following hot topics:
- Price positioning – making a deliberate effort to clarify your intended price positioning (budget / standard / premium / executive).
- Product funnels – understanding how to create a product funnel that allows customers to buy from you at various levels of price (and therefore reducing levels of risk)
- Price points – the importance of identifying well-spaced out price points for your proposal
- Psychology of pricing – understanding how customers make buying decisions and how to apply techniques such as pricing anchors to subtly influence their buying choice.
- Pricing strategy – which type of pricing model will you use? – project fees v hourly rates; standard & premium pricing, 3 tiered pricing models, price ranges, etc.
Delegates left with at least one key learning and one key action that they could take away and start applying in their business with immediate effect.
Pricing doesn’t have to be scary or complicated. With am understanding of some simple principles, you can make a big difference to your prices and your profits.
Let me know if you would like some help with your pricing.