12 Pricing Strategies to Help Maximise Your Profitability

THE DEFINITIVE GUIDE TO PRICING

It's not easy to get your price right. But it's easy to get it wrong.

Price is perhaps the most crucial aspect of marketing a product or service that determines whether or not a customer makes the purchase.

If priced too low, you lose profitability.

Priced too high, customers will choose a competitor.

How can you get it, right?

It's not easy — but read on, and you'll increase your understanding of how pricing works and learn 12 pricing strategies to help make sure you don't get it wrong!

Price is the value placed on a product or service to purchase it, based on research, experience, and an understanding of the marketplace. It is an educated calculation of the price needed to be profitable and sell enough volume to be sustainable.

Price also must stand its ground against alternative options from competitors.

Changing other core marketing strategies, such as advertising or new product development, is expensive and time-consuming. Still, the price is very flexible, and businesses can change it according to their needs. Price is the most adjustable aspect of the marketing mix, allowing a company to respond to marketplace changes quickly.

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