Pricing can feel like one of the hardest decisions you'll make as a product business owner.
Charge too little and you risk under valuing your product, reducing your profits and making it harder to grow.
Charge too much and you might worry that customers won't buy from you.
So how do you find the right balance?
In this episode, I'm joined by pricing and growth strategist Caroline Cookson to talk about pricing strategy and why pricing is about so much more than simply adding a margin to your costs.
We discuss why your pricing should reflect your brand positioning, how to think about competitors without simply copying them, and why reviewing your prices regularly is one of the most important things you can do as your business grows.
Whether you're launching your first product or reviewing an existing range, this conversation will help you approach your pricing strategy with more confidence.
In this episode we discuss:
• The difference between setting a price and having a pricing strategy
• Why your customer should be at the centre of every pricing decision
• How much attention you should pay to competitor pricing
• Why cost plus pricing isn't always the best approach
• When promotions make sense, and when they don't
• How to avoid relying on discounts to drive sales
• What to do if you've underpriced your products
• How to increase your prices without damaging customer trust
• Why reviewing your prices every year is so important
• Common pricing mistakes product founders make
• Why pricing is just as much about marketing as it is about finance
• Practical steps you can take to review your pricing this week
One of my biggest takeaways from this conversation was that pricing isn't simply about choosing a number.
Your price communicates something about your brand, your positioning and the value you offer your customers.
Having a clear pricing strategy can help you make confident decisions, rather than constantly second guessing yourself or comparing your prices to everyone else's.
Find Caroline here:
www.cooksonpartners.com
https://www.instagram.com/cooksonpartners/
https://www.linkedin.com/in/caroline-cookson/
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Mentioned in this episode:
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