March 7 Pricing for Success

February 18, 2007 Written by Frances Schagen

Pricing is not just about covering your costs and making some profit.

Don’t get me wrong, it should at least be that. But it can also be a very important part of your marketing strategy, your business growth strategy and your wealth strategy.

There are 3 important considerations for pricing:

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Cost Plus
Make sure you are including all costs
Don’t forget your time
Prorate annual costs

Competitive
Look at all your competition – including doing nothing
If you compete on price you will lose on price
People perceive your value partly by price

Value
How will your customers benefit from your service?
What is the ‘cost’ to them of not using your service?
What value-added do you offer?

When considering pricing, you must also consider your business goals because your prices are an important tactic for reaching them.

That’s what we will look at next time the Business Owners Success Club meets at Kings CED on Webster street, Kentville from 9:30-11:30 on March 8. Read the How We Work document (the button is in the header above) to find out how you can benefit from the power and energy of this business building group.

Know Where You Are Going
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