Discover the Power of Pricing
For too long price has been seen as a dirty word. Pricing for profit has been associated with greed and for some people, criminality. As a result pricing is something that is largely neglected by most business owners. Most business owners fail to get paid what they are worth because they fear what other people will think of them. They fear being seen as greedy. That is because they have been conditioned to view price incorrectly. And that is one of the things that keeps them from reaching their potential and getting paid what they are worth.
The Mediocrity Trap
It is no wonder that most business owners take a look at their competition and pick a price somewhere in the middle. It seems like the safe thing to do. Who could complain about their profit if they are priced in the middle? Surely someone will buy from them since their prices must not be too high or too low. They are wrong. While they may think a price in the middle ensures their safety what it really ensures is their mediocrity.
Nobody cares about a mediocre business. Mediocre businesses do not survive for long let alone thrive. Your price determines the type of business you can be and the amount of profit you can have. It is perhaps the single most important factor in a business. While every other aspect of a business must be designed to support your price, your price can ultimately make or break your business.
Why Your Pricing Strategy is Crucial
Your price is how you recoup the value you provide in your offering. That value is illustrated in profit for your business. Profit is our lifeblood. Without enough profit, jobs are lost. Without enough profit, quality is eroded. Without enough profit, the doors will close. It is not a question of if; it is a question of when.
That is why you must get a grip on your pricing strategy. Not having an effective pricing strategy is the other reason why business owners like you don’t get paid what they are worth. Not having an effective pricing strategy causes you to give away too much of your value.
If you are like most businesses your prices are too low. But even if they are not, you undoubtedly have pricing problems that need to be overcome. The good news is that you can fix that.The bad news is that We’re currently not offering our services. This project was distracting from more important work. However, we have put together a few resources to help you get going. Don’t worry, these are easy reading.