Pricing Strategy Explained

Course details

Pricing can determine whether your business succeeds or fails. This course reveals a proven methodology for developing a pricing strategy and increasing customer perceptions of value so you can justify higher prices and boost margins. Learn how investors evaluate pricing strategies, the advantages and drawbacks of different pricing models, how to calculate margins, 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 the workshop session.

Learning objectives
How customers perceive price and value
What will customers pay more for?
Why is pricing important to investors?
Choosing a pricing model for your business
Determining your pricing flexibility
Justifying higher prices in a competitive market
Ways to add value that boost margins, not costs

Concepts

0. Introduction

01 - Pricing strategy variables

1. Pricing Strategy Explained

02 - What price communicates to customers
03 - Scenario-based pricing
04 - Types of pricing strategies
05 - What investors look for
06 - Test your pricing

2. Pricing Model Basics

07 - The three pricing models
08 - Guess the pricing model
09 - Examples of pricing models
10 - T-shirt pricing case study

3. Research and Margins for Pricing

11 - Common pricing mistakes
12 - The five key steps to pricing
13 - Market research
14 - Market research case study
15 - Know your margins
16 - Typical margins by industry

4. Pricing Influencers

17 - Pricing variables
18 - Pricing variable 1 - Competition
19 - Pricing variable 2 - Demand
20 - Pricing variable 3 - First of a Kind
21 - Pricing variable 4 - Uniqueness
22 - Pricing variable 5 - Scarcity
23 - Pricing variable 6 - Quality
24 - Pricing variable 7 - Margin
25 - Pricing variable 8 - Customer perception of value
26 - Scoring your pricing influencers

5. Pricing Models

27 - Review of the three pricing models
28 - Cost-based pricing pros and cons
29 - Market-based pricing pros and cons
30 - Value-based pricing pros and cons
31 - Choosing a pricing model
32 - Setting your price - case study
33 - Common mistakes in pricing

6. Putting Your Pricing Strategy into Action

34 - Create your pricing strategy