Yeukai Business Show – Yeukai Kajidori Interviews Janene
The Pricing Lady | Yeukai Business Show
Effective pricing strategies can help you build a more sustainable business.
Price is often the overlooked "P" in marketing. It also often is lost in the shuffle as businesses try to boost profits via volume and cost. Effectively setting executing and managing your prices is just as important, some times even more.
Getting Pricing Right
Just after introducing myself Yeukai shares his own experience of getting pricing "wrong". This is exactly why I do what I do to help companies because the consequence of not setting, getting and managing prices well can mean your business isn't there.
That is exactly what I mean when I say "build a more sustainable business". Pay attention to some the strategies we discuss in the rest of the episode.
Where should you focus
It's important to begin with pricing early in the process. Whether it's a new business or a new product you don't want to "force" price in at the end. By that I mean you don't want to have to go to market and "sell" a price that you know isn't market driven.
I've seen this in both big and small businesses that they leave price until the very end. Instead build pricing checkpoints into the R&D process or into the process as you're starting your business. This way you're more likely to arrive in the end with prices that are both suitable for the market and for your business. You won't need to make costly trade-offs.
And we talked about so much more...
Yeukai was a great host and asked some really great questions. We took at look at:
- price setting
- how to tie price to value
- what to do after the price is set
- pricing strategies
- and more...
I recommend you listen to this episode and then check out what else he as in his over 300 episdoes of the Yeukai Business Show.