If you are in the beginning stages of opening your small business, you have probably begun to develop your pricing strategy. This is a method used to help you determine the best price for your products or services.
Your pricing strategy determines how well your business will be received in the market.
For example, you do not want to price your goods or services too high, otherwise, you will miss out on valuable sales. On the other hand, if you set your prices too low, you risk not earning any revenue. The price of your products or services sends a very important message to your customers and can often be the most influential factor in their decisions as a buyer.
Consultant, Scott Lacy, helps you identify three factors to consider when setting your pricing strategy. Watch the video below to understand how best to develop your pricing strategy. At ASBTDC we can even help you develop your small business’s pricing strategy. If you would like assistance, schedule a free consultation today.