How to Use Pricing to Market Your Business
Marketing Through Pricing
Prices are integral to marketing because they represent the value you attach to your offers. If you under-price your offers, what does that say to your market? Even you don’t rate your own offer.
Having said that, there are many reasons people do not buy. They may genuinely not have the money or they don’t trust you or your offer.
For these reasons, it is worth having a range of offers so that people can try you at a lower price first. If you offer two high-end options and they decline them both, you can try one of your low-end offers.
Or you can market your low-end offers and then offer an upgrade.
What About Your Prices?
- What do your prices say about how much you rate your own offers?
- Do you have a range of high-end and low-end offers?
- How do you manage your selling, so that you get a sale as often as possible?
Pricing Your Market
Never cut prices. Take every opportunity to increase prices. If you sell at higher prices, you need fewer customers and so you have more time to deliver better service.
You get feedback from marketing that helps you decide when it is a good time to increase prices. Increasing demand is one good indicator. Increase prices and some prospects fall away, leaving you with those who can afford it and believe your prices are worth it.
But don’t forget prices show the degree to which you value your own offer. Is it possible, your low prices are deterring new customers? It’s counter-intuitive but a possibility.
Following this nineteenth post to encourage coaches to reflect on relational marketing, take this opportunity to sign up below. You get a weekly round-up of my posts and a pdf about how to make sure you are charging what your business is worth. Most weeks you receive an email with helpful news or pointers to how you can tackle these questions.