4 Perfect Pricing Rules for Entrepreneurs
After recently watching utterly worthless videos, let me dish the dirt on correct pricing strategies:
Price Easily – Apple had it correct when it first launched iTunes with a price of $.99 for all songs; it didn’t matter if “Stairway from Heaven” plays for 8 minutes or The White Stripes sing for a rapid-fire 2 minutes. It is an easy across-the-board price.
Don’t Discount Your Prices – Lululemon just reported an overwhelming quarter with online sales up a whopping 33% and revenue up 20%. Further, it stated that is has no places to lower prices. Follow this lead and remain a premium brand.
Never Negotiate Your Prices – Prospects looking for a “deal” now and often the worst type of customers. Instead, ensure that you’re selling value.
Avoid Bartering Like the Plague – Although I’ve discussed this extensively before, the key item to remember is that it is a lose/lose for both parties. You don’t get the service you need while at the same time feeling as if the deal wasn’t fair.
I’ll be giving a webinar shortly on pricing taking a deep dive into what works and what doesn’t. Drop me a note if you’re interested in being on the top of the list.
To your sizzling success!