Of course, you love what you do, and this really helps you get through the long days and the hard work it takes to build your business. The same passion and enthusiasm can also distract you from the reality that you are in business to make a profit. Profit you can use to build a bigger, better business and create the impact that you want your business to have.
How you price your products or services is one of the most difficult and critical decisions you have to make. Too high and you’ll have no customers. Too low and you’ll have no profit. Your pricing strategy even influences how your brand is positioned in your customer’s eyes.
When it comes to competitive pricing, larger retailers have a definite advantage. They can set their prices low enough to win price wars with smaller retailers.
But what about you? Do you really want to have a price race to the bottom with your competition? What if you win?
The lowest price doesn’t always win. Lowering your prices is usually not the best way to compete, so let’s talk about developing a sustainable pricing strategy.