March 7 Pricing for Success

February 18, 2007 at 6:46 pm Leave a comment

Pricing is not just about covering your costs and making some profit.

Don’t get me wrong, it should at least be that. But it can also be a very important part of your marketing strategy, your business growth strategy and your wealth strategy.

There are 3 important considerations for pricing:

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Cost Plus
Make sure you are including all costs
Don’t forget your time
Prorate annual costs

Competitive
Look at all your competition – including doing nothing
If you compete on price you will lose on price
People perceive your value partly by price

Value
How will your customers benefit from your service?
What is the ‘cost’ to them of not using your service?
What value-added do you offer?

When considering pricing, you must also consider your business goals because your prices are an important tactic for reaching them.

That’s what we will look at next time the Business Owners Success Club meets at Kings CED on Webster street, Kentville from 9:30-11:30 on March 8. Read the How We Work document (the button is in the header above) to find out how you can benefit from the power and energy of this business building group.

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Entry filed under: 1. Know Where You Are Going. Tags: .

Cash Flow March’s theme is Pricing

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The Three Success Factors

I have worked closely with 100’s of business owners and I have seen too many struggle. I have seen what works and what doesn't.

It takes 3 things to succeed:
1. Hard work - and I know you do that already.
2. Knowledge - domain knowledge: you've got that and continue to learn; and business knowledge: this is where everyone focuses and it's easy to find
3. Mindset - This is the killer app. This is what makes or breaks small business owners.

We work on Mindset here at the Business Owners Success Club: how you think about yourself and your business.

When you focus on a business that gives you what you need to live a Good Life and gives others what they need to solve a problem, everything else falls into place and you have a successful business.

Using that as a framework we work on one aspect of business every month. February is "Your Place in Your Community" month.

In March we will open the doors to our online community. Stay Tuned.

Sign up here to play along.

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