Pricing Strategy to Grow Your Business
Pricing strategy. It’s one of the first things we consider when starting a business… “What do I charge?” And unsurprisingly, it’s something we address again and again at every stage in our business. With every new product or service, pivot in business and when we’re ready to scale, strategic pricing is key to a sustainable and profitable business that serves you and your clients.
This month’s guide shares:
How to Use Pricing Strategy to Create a Profitable and Sustainable Business
It starts with you:
Raise your hand if you’ve ever talked yourself out of raising your prices (guilty!). Pricing strategy and profitability, especially with long-term growth in mind, all begins with you. Start by assessing your relationship with money, expectations for your business financial goals and how you view the value you offer to your clients and customers. Digging in deep to understand these elements helps you focus on areas you may be standing in your own way. Tatiana’s article highlights 3 mindsets that may be blocking your growth and how to overcome them.
Your ideal client matters:
Pricing strategy is different for every business… because every business has a different ideal client. Defining the in’s and out’s of your clients needs, wants, expectations and desired outcomes will help you determine not only what your client is able and willing to pay for your products or services, but more so… the value you offer. And remember, psychology goes a long way when it comes to choosing your pricing and how you sell. Kinga shares 6 principles of persuasion in her article. By using these principles you can move your audience from interested to card swiped.
Focus on the road to profitability:
Remember that pricing strategy and pricing for profit is a process. Starting with your expenses, cost of labor, cost of goods and more is a great place to begin. Learn more from Dondrea to price for profit. Beyond that, take into consideration the variety of pricing questions that will arise along the way. For example: discounts can be valuable in certain situations, but using them strategically is the key to long-term success. Michael shares wisdom on the do’s and don’ts of discounting. And… when scaling and offering new products and services, remember, there’s always room for freebies, low ticket offers and more when used strategically in the greater ecosystem of your pricing strategy. You’ll find Aura’s insights on the types of products that can assist you on your road to profitability.
More than anything, remember, pricing strategy is unique to you and your business and lifestyle. This guide can help you assess and establish pricing best practices to grow your business.
What's Inside - Pricing Strategy
Half the battle with pricing strategy is the confidence in your value and worth and willingness to charge properly to fit your business needs and lifestyle. However, often, we encounter mindset blocks that hold us back. Tatiana shares three common mindset blocks and how to overcome them, leading to confidence in achieving our revenue goals through confidence in pricing. Plus, she shares her top 3 questions to choose to add to your testimonial form to shift your mindset on pricing.
Dondrea Owens, CPA
Gaining the confidence (and know how) to raise your prices as a service provider is tough. Dondrea shares the 3 key components that help determine why, when and how to raise your prices to ensure you’re profitable and sustainable. Plus her expert insight highlights how to communicate price increases to your clients and customers to increase clarity, avoid confusion and move forward with confidence.
Dr. Michael Tatonetti
Discounting feels like an easy go-to when you’re trying to win clients, right? What would you think if we told you it could actually hurt your business growth AND profits margins, impacting your business well beyond that 25% off? Michael shares about the impact of discounting, how to properly discount to maintain financial sustainability and pricing strategy tips on how to move potential clients to commit (and serve them with valuable products and services!).
Dr. Kinga Mnich
The psychology of pricing is as much about your ideal client as it is about your own self. Kinga gives insider info on finding your genius pricing zone, cultivating a sustainable pricing structure and also convincing potential clients to say yes using six principles of persuasion. Don’t miss out on her pricing planning workbook to develop a mindset of abundance. With her insight you’ll create a pricing strategy that allows you to grow sustainably.
Pricing for profit isn’t just about picking a goal salary and dividing it by the number of hours you’d like to work. There’s so much more to it – from getting clarity on what you are actually selling to looking at the entire pricing pie. Aura walks you through how to discover the value of what you offer (especially if you’re multipassionate) and how to find your perfect pricing for profit based on your specific business, your clients and your marketplace. It’s different for everyone, but this article will help you take the step toward profit and growth.
How much are your clients willing to pay? That’s the million dollar question, isn’t it? Loren details out how to figure out that answer, who to ask to gain insight and how to charge more for your services in this article. Plus, get 3 tricks to maximize your revenue when setting your prices.
Disclaimer: The advice featured in this guide and on the blog was sourced from our community members for sharing general information and knowledge. For specific legal, financial, tax, mental health and professional advice, please consult an authorized professional.