Internet Marketing – What is your pricing strategy? -1

3 key pricing strategies you could
adopt in your business

To grow a successful, profitable
business you have to figure out your
strategy.

It’s the foundation of your
business so you have to figure it out
pretty quickly.

Fail to do so and you
are relying on just one thing.

Luck.

And luck doesn’t always go your way.

Of course an essential part of that
strategy has to be around pricing. So
how do you define your pricing
strategy?

There are essentially three
different pricing strategies that you
could follow:

At its heart this strategy is actually
about being the cheapest.

But it’s
cheapest with a difference. It’s
cheapest because we create something
within the structure of the business
that’s unique.

It’s about enabling a
different cost structure that isn’t
able to be copied.

That in turn means no one else can
compete with us.

A great example of this sort of
strategy is Richer Sounds – a business
founded by Julian Richer and one that
has appeared in the Guinness Books of
Records several times thanks to the
sales per sq. ft. it manages to
generate.

They sell TVs and hi-fi equipment
significantly cheaper than their high
street rivals.

How do they do it?

They have something very unique about
their cost structure that no one else
can copy. As a result they are
extremely successful.

As soon as someone else copies your model
then they can compete on price. And
that means suddenly you are in a price
war.

Also:

Price accounting and consulting services more profitably!