How To Set The Best Prices
By John Paul
Hi Buddies,👟👞
📓📰📘
On a British Airways plane flying from Lagos to London, there are 177 passengers.
It’s an Airbus A320 model, and the flight is about to take off.
The plane will take all passengers to the same destination.
In about 6 hours’ time, everyone on the plane will safely land at Heathrow Airport in the UK.
But all the passengers on the plane did not pay the same fare.
The people in Economy Class seats paid $1,500.
While the passengers in First Class paid $6,900 – almost 5 times the price of an economy class seat.
There are also different prices for “Business Class” and “Premium Economy Class”
But if the plane is taking all passengers to the same destination, why are all of them not paying the same price?
This is just one of many interesting examples of how businesses skillfully use pricing strategy to boost sales and profits.
Pricing can be a game changer in a business.
Changing how you price your products is one of those small changes that can yield surprising and outsized results in a business.
A lot of businesses are leaving money on the table because their prices are much lower than they should be.
Some other businesses are struggling to make sales because their prices are sending the wrong message to the market.
Pricing is one of those few levers in a business that can be used to significantly influence the behaviour of your customers and improve your financial performance.
And sometimes, all it takes is one small tweak.
Without even changing the look or features of what you sell, using the right pricing strategy can instantly boost your sales, optimize profits, and position your product in the mind of the customer.
But what is the secret to setting the best prices?
Setting the right price for a product is part art, and part science -- there is no single almighty formula. But there are proven strategies you can use to get the results you're looking for.
That's why you need to listen to this...
In this week's exciting episode of the Smallstarter Business Podcast, I explore the contentious problem of pricing in by using real-life examples of pricing strategies of brands and businesses you already know.
Every business is not the same and yours may need a unique pricing strategy.
That's why you need to pay close attention to the content of this episode.
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Before you listen to this eye-opening episode, I have some good news to share.
You can now get your question answered live in my upcoming podcast episodes.
I have uploaded a special tool on the website that allows you to record and send your question so I can answer it live in a future podcast.
I have included a link at the bottom of this email that shows how to do it.
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Back to my lesson on pricing strategy.
If you've been wondering how pricing strategies work, today is your lucky day.
Follow this link to listen now: 👇👇👇
You're going to enjoy it!
Have a great weekend.
Regards,
John-Paul
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