pricing strategy

How to Create a Pricing Strategy

How to Create a Pricing Strategy

Setting a price for your offerings can be a fraught affair. Pitch them too high, and you can see your sales plummeting; too low, and you can lay waste to your potential profits. You want to achieve the price that, when multiplying your potential sales by your profit margins, yields the largest total possible. But what makes a price optimum depends on a number of different factors. Read on to find out more about what factors affect your pricing, how to plan and structure your pricing strategy – and why your pricing should constantly be reviewed as time goes on. What market factors should determine my prices? To establish what factors affect your pricing, you need to look around to the environment your business operates in. In the first instance, it makes sense to look at your competitors. W... »