HOWTO SETTHE RIGHT PRICING
There’s so much more to proper pricing, such as geography, target market, and the time of year, but the real moral of the story is to offer value that makes your high prices worth the money.This isn’t just about the quality of your products or service.Your value applies equally to how employees handle customer complaints, how friendly and helpful employees are, and how painless the customer experience is. One last parting thought:You’re generally worth more than you might think.Whatever you want to charge, dare yourself to charge a little higher and see what happens. Most importantly, keep adjusting and experimenting with pricing, so you can get ever closer to that elusive “perfect” price. With SCORE, you’re never alone! Schedule an appointment to meet with a mentor today. Call 1-866-726-7340 or visit www.STLScore.org right now!
After tabulating expenses, you can’t just automatically charge more on the company’s products and services to cover the costs. What will the market bear? To find that out, it’s time to look to your competitors. This research is doubly important because it reveals what’s realistic to charge in that marketplace, and it also shows where you can position your business based on the features and benefits of your offerings relative to those of similar companies. If it doesn’t seem like you can charge more than the total expenses and stay competitive, you need to have an even greater focus on cutting expenses. But margins will be razor- thin, and the company will be vulnerable to anyone who comes along with a lower price. As a general rule, it’s much better to raise prices after offering the quality products, services, and customer service that justify them rather than trying to be the cheapest offering in your marketplace.
Pricing your products and services can be a real challenge.As you know, pricing too high will reduce your sales volume too much, but pricing too low could mean you’re losing money every time you make a sale. And don’t forget, you risk being perceived as cheap if your products and services are low-priced. It can be confusing, but there’s hope! Here’s the best process for coming up with the ideal pricing for your business’ products and services. First, think about your gross margin.This might seem obvious, but it’s so fundamental and needs to be said. If what you’re charging doesn’t cover expenses, the business is sunk. Be realistic about calculating your cost of goods sold, including any materials, overhead, and labor that go into it. While doing this, don’t forget the thing that many business owners neglect to include: the cost of their own labor.You wouldn’t work for free on a job, so it’s key to consider the time you’re putting in as part of the cost of doing business.
Common Branding Mistakes
THAT CAN TORPEDOYOUR COMPANY’S IMAGE
The value of a strong brand cannot be overstated when it comes to growing your business.We call adhesive bandages Band-Aids and cotton swabs Q-Tips because those companies excel at creating memorable, trusted brands that consumers can rely on.There’s no recipe for creating a brand so strong that the name of your product becomes common vernacular, but developing a strong, consistent brand is within the reach of every business owner.
wrong place?When that happens, it’s because a company hasn’t made the effort to mirror their branding across all platforms. It’s one thing to have an irreverent online presence — look to MoonPie’s Twitter feed for an example — it’s another to have such disparate branding that you leave customers confused. A great brand synergizes all aspects to create one indelible image for consumers. Share your values, convey clear messages, and provide a professional image. Once you’ve done that, you’re on the road to building a brand that people want to support. With SCORE, you’re never alone!We offer workshops and seminars each month to help you develop the skills you need to succeed.Visit www.StlouisScore.eventbrite.com today! 3 1-866-726-7340
swoosh, one of the greatest logos in business history.There was nothing like it at the time, and there’s little like it today. SLOPPY COPY Branding is far more than just a cool logo and a flashy website.The words you use to convey your values — and the value you offer customers — are crucial. Bad grammar, weird word choice, and other linguistic faux pas can make you look silly. Make sure you have professional editors look over your copy to ensure it relays the message you want it to. PLATFORM INCONSISTENCY Have you ever logged onto a mobile version of a website and wondered if you were in the
This is why it’s frustrating to see companies hurt their branding through easily avoidable mistakes. Business owners often deprioritize branding in the early stages of their company, but that’s a dangerous mistake. If a potential customer interacts with your brand and it doesn’t resonate with them, it’s going to be hard to win them back. By avoiding these common errors, you can create a brand that people will support and interact with. BLAND BRANDING “Branding is deliberate differentiation,” says author and consultant Debbie Millman. In other words, don’t create your brand by copying somebody else’s.The best brands stand out.Think about the iconic Nike
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