The best pricing strategy is the one that makes you the most money.
Today’s consumers are savvier than ever before. They are turning to the Internet for information and advice when buying products and services. They also have a greater understanding of how prices vary from store to store and what factors influence them. Having a winning pricing strategy is key to staying competitive in today’s marketplace.
Fundamentally, pricing is about having a pricing philosophy. The purpose of your pricing philosophy should be to guide you in the decision-making process to determine the optimal price for your product.
The book “Winning Pricing Strategy” is based on the experience of the author, Edison Ade in helping organizations around the world improve their profitability and develop winning business strategies.
Edison Ade, a leading global business strategist, in his book “Winning Pricing Strategy”, says that in order to mitigate price sensitivity in today’s dynamic markets, companies need to better understand what drives customer perceptions of value when making purchase decisions.
This is a great book for any leader who is looking to have a significant impact on an organization’s profitability. Winning Pricing Strategy is a book that every business leader should read. It will definitely change the way you think about pricing decisions, give you a clearer understanding of the psychology of your customers and how to be more confident about your pricing decisions.
The book explains a systematic approach to setting prices that increase profitability and build value for customers, employees and shareholders.
This book is a must-read for anyone who wants to know what is important when setting prices for their products and services.
Many business people think pricing is simply a matter of having a formula and applying it to every customer. In reality, pricing is much more complex. Understanding how your customers perceive value can help you set prices that maximize profits and build loyalty.
This is a comprehensive guide on how to set up your pricing strategy, why it’s important to not just do it once but how you can keep track of the effectiveness of your strategy. It’s an eye-opener for businesses that are not yet doing this.
You can get a copy of the book on Amazon
Edison Ade is a Business Strategist, Venture Capitalist, and Serial Entrepreneur helping businesses and people reach peak performance and high growth.
Pricing is something we all do, but we don’t think about it very much.
Most startups focus on having the right product before finding the right pricing strategy for their business. That might be the wrong order.
Pricing is an important part of almost any business, and all new businesses I’ve seen suffer from not focusing on pricing early enough. This is particularly true for startups. A startup is new so it lacks the kind of brand recognition that would automatically command a premium price. Conversely, it typically doesn’t have deep relationships with its customers or stable margins, so it can’t offer the discounts that large companies do.
It’s hard to get pricing right without customers, and it’s hard to attract customers without pricing right. If you’re able to get price right, then you can use that information to help inform your product decisions.
Startups often focus on having the right product before they’ve found the right pricing strategy. I mean that a team tends to build a product and then see if it can be sold, instead of first seeing if there’s a market for what they’re going to build.
A business can’t succeed by selling below cost, nor can it succeed in the long run by only charging the going rate. Think about what your business does and how much value it really creates for its customers, and you’ll develop a pricing strategy that not only works well in the present but ensures you stay successful in the future
One problem I find people pay less attention to is the effect their pricing makes on their overall business well being. I see a lot of accidental pricing with the hope that luck will shine on them.
I have put together valuable insight on how you can build a profitable business with the right pricing strategy.
What do you need to know to have a winning pricing strategy?
- Learn different pricing models and strategies.
- Learn how to communicate your price to your customers.
- Understand the Psychology of your customer.
- Learn about the factors that influence your pricing strategy.
- How to incorporate pricing as part of your brand strategy.
- The effect of choosing a wrong pricing strategy.
- Learn about what investors want to see in your pricing strategy.
- The effect of choosing a wrong pricing strategy.
- How to design your product around the price.
- Action steps to creating your pricing strategy.
- The role of data management in developing a pricing strategy
All these and more are covered in my book titled “Winning Pricing Strategy”
You can get a copy on my website
