Impact of Geography and Culture on Pricing Behavior

09/07/21 • 20 min

Pricing behavior is fascinating and it is influenced by many things – like geography, culture, upbringing, industry etc.

We can learn so much by simply observing the world around us. Many years ago I was in Egypt at one of the markets and there was a stall with at least a dozen signs that read things like “hassle free pricing” and “hassle 10% extra”. It was also in multiple languages. I still have the photo too.

Now if you’ve been to a market in Egypt you know haggling is part of the process... it’s a natural pricing behavior in many parts of the world. This vendor was making a clear statement about his brand and customer experience people could expect. Also his sense of humor. It affected his pricing behavior and that of potential customers as well.

In this episode...

In this episode of Live with the Pricing Lady, I’ve got special guest Sophia Syed. She’s the founder of Also Sophia Ltd. and Boss It Club. Also Sophia focuses on helping break down barriers. They supply ethnic celebration products for minorities within North America and Europe and have been picked up by Walmart. She’s fascinated by how different people, cultures and geographies relate to pricing...even the process that’s involved. She’ll share her own pricing journey. We’ll discuss what she’s observed, and how that’s played in her pricing behavior and what you should consider in your business.

Let’s take a book at how culture, geography and even your upbringing influences you and your customers’ pricing behavior.
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Reach Out, Connect, or Book a Call with Janene
Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the self-assessment Pricing Scorecard (https://thepricinglady.com/pricing-self-assessment-scorecard/). Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.
Get in touch with Janene. If you’ve got a question that needs answering, a challenge you’re facing or you have suggestions for future topics or guests, let me know. Contact Janene (https://thepricinglady.com/book-a-call/)

Send us a text

Pricing behavior is fascinating and it is influenced by many things – like geography, culture, upbringing, industry etc.

In this episode...

Previous Episode

Raise Business Profits with Better Pricing

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Raise profits (or even maintain)...that's an important part of growing your business.

To do that you've got to understand the things that influence your profits and know how best to leverage them. Your goal isn't to raise profits just because you can. It's to do so in order to continue to be there for your customers. To build your business, shift and evolve and for some of you it's about leaving behind that your legacy.

How many profit levers does a business have?

Do you know what they are?

Are you fully leveraging them?

Most businesses are not fully leveraging pricing. Most often because they're so focused on the other levers. But here's the kicker, price is the most impactful profit lever. Meaning if you want to raise profits, price is often the MOST EFFECTIVE way to do it. Or in the converse it could be the thing that's draining your profits and sabotaging your efforts in other areas.

In this episode I share more about the profit levers and take a look at the things that influence profits and how that relates to what your doing with pricing.
Link to McKinsey Study: https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/the-power-of-pricing
***
Reach Out, Connect, or Book a Call with Janene
Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the self-assessment Pricing Scorecard (https://thepricinglady.com/pricing-self-assessment-scorecard/). Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.
Get in touch with Janene. If you’ve got a question that needs answering, a challenge you’re facing or you have suggestions for future topics or guests, let me know. Contact Janene (https://thepricinglady.com/book-a-call/)

Next Episode

Know Thy Customer, Know Thy Price

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When you know thy customer it's easier to know that price. The number one mistake businesses make with their pricing is:

...not taking the time to understand the customer.

This usually comes in two forms, they are trying to target "anyone" or they are moving forward with untested assumptions about customers. This makes it very difficult to find prices that fit customers. Beyond pricing is makes developing the right offers, marketing them and selling them a bigger challenge than necessary. Typically companies end up pricing low because they feel insecure. They are new and feel that to entice customers they have to have a low price.

In this episode...

In this episode solocast episode I will go into more detail on the importance and what it means you need to do. We'll look closer at why businesses do this, what the consequences are when you aren't clear on who you're targeting and the #1 way to avoid making the mistake.

Let's take a closer look at why you need to "know thy customer".
***
Reach Out, Connect, or Book a Call with Janene
Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the self-assessment Pricing Scorecard (https://thepricinglady.com/pricing-self-assessment-scorecard/). Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.
Get in touch with Janene. If you’ve got a question that needs answering, a challenge you’re facing or you have suggestions for future topics or guests, let me know. Contact Janene (https://thepricinglady.com/book-a-call/)