Judging how to price your service or product can be challenging, particularly in areas where rivals are pushing competitive prices. So, how do you keep your business out of a pricing competition? Let’s talk…
In my previous article, Oops… my business made a pricing mistake, I outlined pricing mistakes businesses commonly make. Knowing the mistakes should help you identify and avoid making the same mistakes but what do you do after you discover you’ve made on? Fix 1 – Know your target customer or customers A really useful strategy in… Continue reading Four ways to fix a pricing mistake
In my recent article, How to work out what price to charge, I discussed how pricing is one of the most crucial decisions business owners and managers must make, while touching on the eight rules for pricing effectively… But what happens when you get pricing wrong and how do you recover from pricing mistakes? In this… Continue reading Oops… my business made a pricing mistake
The price that is set for products and services is one of the most crucial decisions business owners and managers must make in a business. Entrepreneurs, new businesses and small business often give too little thought to this highly complex matter and the consequences can be dire. Pricing requires thought and an understanding of the… Continue reading How to work out what price to charge
The price that you set for your products and services is one of the most crucial decisions you have to make in a business. Pricing requires thought and an understanding of your customers or clients, the market, the environment and your competitors. Here are four pricing mistakes you need to avoid: One: The first mistake… Continue reading Four pricing mistakes you need to avoid
Growing a business is a special talent, part science, part art and doing it well can be one of the most rewarding life experiences. It can also spell financial disaster from which it is very difficult to recover, when things don’t go well. In this article we discuss 5 common mistakes made by businesses. Cash Flow Cash… Continue reading 7 Survival tips to avoid common business mistakes
Despite the rampant growth of e-commerce, there is still plenty of life left in bricks-and-mortar stores. The latest research by the Australian Bureau of Statistics (ABS) has shown that online retail turnover contributed just 3.1 per cent of total retail turnover in Australia during July 2015. In fact, according to analysis by National Australia Bank,… Continue reading Boosting retail store profitability: how advanced data analytics can help
I’ve received several emails via LinkedIn over the years from newly self-published authors who want me to buy their books. If you’re one of these authors, I applaud you for taking that important step toward self-promotion. But now I’m going to tell you why I—and probably most of the people you sent that email to—never… Continue reading Are you a price-point or are you Prada?
Pricing products at a high price or a low price to attract consumers are no longer widely used strategies, according to new study published in Marketing Science journal.
When Jeremy Levitt started his business in 2007, he knew he had a great idea but kept hitting roadblocks when it came to pricing his product. With the business growing, this was an issue that he needed to solve quickly.