Beyond the Numbers: The Strategic Role of Pricing in Business

10/13/23 • 38 min

Ever wished you could crack the code of pricing strategy? Prepare to rethink everything you know about pricing, as we delve into its significance in business. We're about to prove that pricing isn't just a numbers game but a signal of the value you provide. And, if you've ever grappled with striking the right balance in your pricing, you're not alone - we discuss the dangers of undervaluing your offerings or being pegged as the 'discount' option.
Switching gears, we explore different pricing models - cost-plus pricing, value-based pricing, and skimming prices. But it's not about choosing the 'best' model; it's about understanding how elements like the true cost of a product or service, corporate entities, and market research influence pricing. We bring this to life with real-world examples, such as Fat Joe's bar and high-end steakhouses, showing how people invariably pay for experiences over products or services.
Finally, we uncover how to construct a pricing strategy that aligns with your business needs. We illuminate how your unique value proposition affects what clients will pay for your services, and why compromising your moral principles for pricing can be detrimental. As entrepreneurs ourselves, we always emphasize the need to recognize the value of your offering and to price it justly. So, whether you're a new entrepreneur or a seasoned business whizz, this episode is brimming with insights and advice to aid your entrepreneurial journey.

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Previous Episode

Understanding Your Client Avatar: The Key to Business Growth

Ever wondered how understanding your target market can revolutionize your business? Get ready to find out. Join me on a personal journey as I explore how narrowing down services in my business, I Sell Words, to focus on video recording, podcast planning, and copywriting has opened a world of opportunities. Discover strategies for growing a YouTube channel and podcast, tracking analytics, and acing the YouTube shorts algorithm.
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Navigating the marketing landscape might seem daunting, but crafting a clear marketing message doesn't have to be. Learn how simplifying your message and adjusting your language to a level everyone can comprehend can make a massive impact. I'll share how understanding your client avatar can actually enhance customer experience and guide you in creating content that lures potential customers. Let's unlock these tips and insights together and ensure the success of your business.

Next Episode

Facing Your Inner Critic: The Journey to Defeating Impostor Syndrome

Ever grappled with the gnawing feeling of not being good enough or felt like a fraud despite your achievements? You're not alone. Join me as we confront the pervasive ghost known as impostor syndrome, particularly prevalent among business owners with ADHD. As someone who battles daily with my inner critic, I share a candid account of my personal experiences with this self-perceived inadequacy and my 'fist fight' approach to slay this nemesis. Expect a deep dive into the various types of impostor syndrome and triggers that amplify these self-doubting thoughts.
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The Unstuck Sessions Podcast - Beyond the Numbers: The Strategic Role of Pricing in Business

Transcript

Speaker 100:00:00.341

Your price is a signal that you're sending to the world about how much your services are worth , how much you are worth , how much your time is worth , how much your effort is worth , how much your staff's time is worth .

Speaker 100:00:13.160

It's a signal that you're sending out there into the world , and so you need to take your price seriously and h