What happens when customers stop calling? Do you blame your marketing section, the economy or your competitors, or might the cause of your problems be your "pricing strategies"?
(prHWY.com) January 10, 2013 - Albion, Australia -- What happens when customers stop calling? Do you blame your marketing section, the economy or your competitors, or might the cause of your problems be your "pricing strategies"?
There is an art and science to getting pricing right, however many businesses see pricing as merely a "cost recovery" exercise. You are not limited to only charging what, you believe, the market will bear. To create an effective pricing strategy, businesses need to communicate the value they deliver. Some people believe pricing strategies are easily reversible in that, if their price point decreases, they think that they can easily raise prices later. This is a trap and causes many businesses a lot of problems.
At present there is a widespread discount philosophy, especially for consumer markets. This requires business operators, who are involved in the consumer markets, to look at strategies for price optimisation, but also to ensure that the business has a system of "discount management and containment" and that the business highlights, on an ongoing basis, its "non-price points of differentiation", such as:
-quality
-pre-sale service
-availability of product
-knowledge of product and services
-well informed staff
-good website
-guarantees
-after market service
These are the areas that a business can introduce so as to maximise its ability to implement a sound pricing strategy.
If you'd like to discuss an effective pricing strategy for your business, Check out more at
http://integritywealth.com.au/ for details!
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