Your Small Business Pricing Strategy

When was the last time you reviewed your pricing strategy? You put a lot of effort into making your business successful but get your pricing wrong and you can be missing profit on every sale!

Here are 16 ways that you could be pricing your product or service.

Pricing Strategy Matrix

The pricing strategy matrix shows four pricing strategies based on the relationship between price and perceived quality.

Pricing Strategy Matrix

1. Economy pricing

Costs are kept to a minimum and price is set as low as possible because┬áthere is no difference in the products […]

4 Stages of the Small Business Product Life Cycle

No product lasts forever. Do you know where your small business product is in its product life cycle? Are you introducing tomorrow’s product, today?

The ‘Product Life Cycle’ is a model that predicts the general trend that most successful products or services will follow during their lifetime.

The Product Life Cycle for Small BusinessStage 1: Introduction

As a product is introduced there will usually be high costs in bringing it to market but low sales resulting in initial losses.

Stage 2: Growth

If the market decides it wants the product, sales increase; and unit┬ácosts […]

4 Keys to Marketing your Small Business Offering

When was the last time you reviewed how your small business is promoting and selling to your customers?

The ‘Marketing Mix’, also known as the ‘4 Ps’, is used to review your product or service. A review may take place as a one-off exercise or as part of an annual review of your business strategy. The four elements of the ‘Marketing Mix’ are ‘Product’, ‘Price’, ‘Place’ and ‘Promotion’.

Marketing Mix for Small Business

Product

  • Physical – feel, colour, sizes etc
  • Benefits provided
  • Brand
  • Tangible and Intangible elements
  • Packaging
  • Warranties
  • Product development

Price

  • Value or quality
  • Value of benefit provided
  • Market segment pricing
  • Customer […]