This session provides practical strategies for determining the right pricing for your product or service to optimize profitability and sustain business growth. Participants will explore how to evaluate competitors, brand value, and customer segmentation to create pricing strategies that align with their business goals. Through an interactive approach, attendees will gain insights into the financial and psychological aspects of pricing, empowering them to make informed decisions that drive success.
90 minutes (Includes a 60-minute presentation and a 30-minute interactive workshop on pricing strategies using Excel) Key Takeaways:
1. Develop Strategic Pricing Skills – Learn how to determine the right price for your product or service. – Understand how to factor in competitors, perceived/brand value, and personal experience when setting prices. – Explore how to account for overhead and other indirect costs when direct costs are minimal. – Compare different pricing models, such as bundled pricing or subscription-based pricing, beyond the traditional price-per-product model.
2. Price for Customer Segmentation – Discover strategies for pricing tailored to different customer segments. – Evaluate whether listing your pricing publicly (e.g., on a website) is appropriate for your business model.
3. Maximize Profitability through Pricing – Identify methods for increasing profit margins through optimized pricing strategies. – Balance competitive pricing with maintaining perceived value and brand integrity.
Hosted by WEDC via the Main Street Bounceback Program
