Posts Tagged ‘Pricing Strategy’
How to Overcome Imposter Syndrome and Protect Your Revenue
Small business owners are the lifeblood of the economy, driving innovation, creating jobs, and serving as the foundation of countless communities. According to the U.S. Small Business Administration, small businesses represent 99.9% of all U.S. businesses and employ nearly half of the private workforce. Yet, with this immense responsibility comes a unique set of challenges,…
Read MoreWhen Can You Raise Prices? Consider the Barbell Effect
The barbell effect is a concept in marketing and business strategy that describes how markets can become polarized, with a decline in the middle market and growth at both the high and low ends. Think of a barbell at the gym: there’s weight at both ends and a thinner bar in the middle. In a…
Read More7 Ways to Price Your Photography Services for Maximum Profit
As a photographer, capturing the perfect shot is only half the battle. The real challenge? How to price your photography services to ensure maximum profit without scaring off potential clients. Finding the perfect balance is an art and science, but with the right strategies, you can transform your passion into a profitable venture. Whether you’re…
Read More6 Fatal Mistakes Business Owners Make
It’s challenging to start a business no matter what stage of life you are in currently. But, with today’s access to blogs, podcasts, seminars, and webinars, there is a wealth of information out there to help you minimize your mistakes and maximize your success. Having started more than 15 businesses and selling three of my…
Read MoreFlex Pricing: Why One-Size-Fits-All Doesn’t Work in 2022
When it comes to product pricing, many companies adopt different pricing models based on the demands of the industry. However, for the most part, the one-size-fits-all model still dominates the business landscape, as many companies have difficulty shifting to friendlier pricing models. Image: https://pixabay.com/photos/window-business-office-seminar-770535/ That said, despite the relative popularity of such a pricing model,…
Read More5 Steps to Help You Decide on the Perfect Property Investment
Property investment can be daunting, especially when you’re putting into it a large amount of your hard-earned money. There are an endless series of choices to consider, and you must purchase the right property in order to succeed. That’s why so many investors are skeptical about purchasing without the correct research first. Understandably, you want…
Read MorePricing Strategy Guide: Service Businesses
Developing a pricing strategy may not be a science, but sometimes it can feel about as difficult as performing brain surgery or engineering rocket ships! Service businesses are at particularly high risk of pricing confusion. It’s much trickier to put a dollar value on things like time and expertise than to determine the cost of producing…
Read MorePricing Strategy Guide for Product Businesses
It’s obvious that the price of your products have a lot to do with the profitability of your business. Exactly how to price products in a way that maintains or increases your profitability is a little less obvious. Here are the first two steps toward developing an effective pricing strategy for your small business. Do…
Read More10 Steps to a Successful Pricing Strategy
During the price strategy planning processes, companies assess past strategies, analyze how well each did, and plan prices for the upcoming year, eagerly anticipating a significant impact on the bottom line. After all, a 1% increase in price can result in an 11% increase in profit. However, many things can go wrong: customers can reject…
Read MoreDo You Offer Customer Friendly Prices?
Do you offer customer-friendly pricing? Or, are your customers surprised to find that fees, surcharges or other costs have been added to their bill and that their total cost is more than they expected? When this happens, customers can end up feeling like they are being taken advantage of. I was once that customer when…
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