How To Price Your Product - Page 5

Pricing Strategies

Personal Pricing Strategies

One of my colleagues has a pricing model that she finds works very well for her. She talks to her potential clients about a project. Then, she sits down and thinks about the project, what it will entail in terms of time and energy. She decides on a price, takes a deep breath, and adds a thousand dollars to it. Only then does she call the client with the price. She knows that if she doesn't do this she will under price her services. (And yes, she's very busy and successful.)

Another colleague changed her pricing strategy after giving birth to her first child. She looked at her baby and said, "What is it worth to me to miss time with my baby?" She prices accordingly.

Another colleague looks at each customer and decides what she will charge based on the level of difficulty she feels the customer will present. Some customers are so difficult to work with that no amount of money in the world would compensate for the wear and tear. Other customers make her feel that she'd work for them for free (she doesn't) because they're so great.

Another business takes the approach that they're the best at what they do so they charge premium prices. They back that up with great results and continual focus on what makes them better than the rest.

In short, there are any number of pricing strategies you can use in your business and any number of ways to justify those prices in the market place.

Caroline Jordan is a small business mentor and consultant helping small business owners understand, diagnose, and improve cash flow in their businesses. For more information and resources to improve cash flow visit http://www.TheJordanResult.com/mastering.html.

"Top Mistakes When Naming Your Company"

"How To Price Your Product - Page 4"

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"Top Mistakes When Naming Your Company"

"How To Price Your Product - Page 4"

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