Learn the fundamentals of creating a profitable pricing strategy using proven methodologies
What you'll learn
How do customers perceive price and value?
What are ways I can add value that boost margins, not costs?
How can I justify higher prices in a competitive market?
What will customers pay more for?
Why is pricing important to potential investors?
Which pricing model should I use for my business?
Requirements
Learns should have a general knowledge of business and a desire to be an entrepreneur.
Description
Pricing can determine whether your business succeeds or fails – yet too many entrepreneurs rely on guesswork or back-of-the-napkin calculations to set prices. This course reveals a proven methodology for developing a pricing strategy, as well as ways to increase customer perceptions of value so you can justify higher prices and boost margins. As part of the process, you'll learn how investors evaluate pricing strategies, the advantages and drawbacks of different pricing models, how to calculate margins, average margins for specific industries and retail categories, how to gauge price sensitivity, and how to build a pricing profile specific to your offering based on eight key variables. Tips and examples are included for both product- and service-based businesses, as well as businesses that contend with seasonal pricing variations. The session offers guidance on bundling, discounting, and other pricing techniques, which you can apply in a workshop session that walks through the pricing strategy framework step by step. Pricing Fundamentals:Pricing can determine whether your business succeeds or fails – yet too many entrepreneurs rely on guesswork or back-of-the-napkin calculations to set prices. This course reveals a proven methodology for developing a pricing strategy, as well as ways to increase customer perceptions of value so you can justify higher prices and boost margins.Competition and Margins:Gain an understanding of how margins work so that you can choose the right price for your product or service. Having a justified pricing strategy will help you avoid common mistakes such as guessing at price-setting, skipping competitive pricing research, leaving money on the table with a too-low price, or misunderstanding the whole value of what you're offering. Learn how supply and demand for your product or service impact price, how to quantify the level of value you're delivering (don't under-value it!), and how market forces impact your pricing. Pricing Influencers:Pricing influencers have a dramatic impact on your ability to set pricing. The more flexibility you have the higher price you can charge and the more margin you can get. In this course, Ken will walk you through each of the eight pricing influencers and give you strategies to help improve your position giving you more flexibility in your overall pricing strategy. Ken will also explore tactics that you can apply to your business, supporting you in setting the most appropriate price for your product or service—without leaving money on the table. Pricing Models:Understanding the right pricing model to use in your business is critical to your success. In this course, we will guide you through which pricing model is the right fit for your business. We will dive deep into the advantages and disadvantages of the three primary pricing models used. These pricing models are:Cost basedMarket basedValue basedAnd here is a quick secret. There is no question that value-based pricing is by far the best pricing model you can use however your industry might force you into one of the other two. We will give you proven strategies that can help you take maximum advantage of value-based pricing.
Overview
Section 1: Pricing Fundamentals
Lecture 1 Pricing Strategy Overview
Lecture 2 What Price Communicates
Lecture 3 Scenario-Based Pricing
Lecture 4 Types of Pricing Strategies
Lecture 5 What Investors are Looking for in Your Pricing Strategy
Lecture 6 Test Your Pricing
Lecture 7 The 3 Pricing Models
Lecture 8 Guess The Pricing Model
Lecture 9 Examples of Pricing Models
Section 2: Competition and Margins
Lecture 10 Common Pricing Strategy Mistakes
Lecture 11 5 Key Steps to Pricing Strategy
Lecture 12 Researching Your Market
Lecture 13 Know Your Margins
Lecture 14 Average Industry Margins
Section 3: Price Influencers
Lecture 15 Pricing Influencers Explained
Lecture 16 Pricing Variable 1 - Competition
Lecture 17 Pricing Variable 2 - Demand
Lecture 18 Pricing Variable 3 - First of a Kind
Lecture 19 Pricing Variable 4 - Uniqueness
Lecture 20 Pricing Variable 5 - Scarcity
Lecture 21 Pricing Variable 6 - Quality
Lecture 22 Pricing Variable 7 - Margin
Lecture 23 Pricing Variable 8 - Customer Perception of Value
Lecture 24 Scoring Your Pricing Influencers
Section 4: Pricing Models
Lecture 25 Overview of Pricing Models
Lecture 26 Cost-Based Pricing Pros and Cons
Lecture 27 Market-Based Pricing Pros and Cons
Lecture 28 Value-Based Pricing Pros and Cons
Lecture 29 Choosing a Pricing Model
Lecture 30 Common Mistakes in Pricing
Lecture 31 Setting Your Price: Case Study
Section 5: Final Quiz
Section 6: Workshop - Create Your Pricing Strategy
Lecture 32 Workshop - Create Your Pricing Strategy
This course is for entrepreneurs or anyone who is running or thinking of running a business
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