Pricing can be a challenge to entrepreneurs at any stage of the business cycle -- whether you're setting prices for the first time, raising or lowering existing prices, or determining how to react to the unsteady economic climate. Overprice, and you risk losing business to competitors. Underprice, and you may inadvertently devalue your offerings.
Inc.com will help you tackle the pricing issue -- we've compiled strategies, advice, and techniques that have served other entrepreneurs well.
- Flexing Your Pricing Muscles
- Despite years of almost no inflation, you may have more pricing power than you think. Here's how to exercise it without bruising yourself in the process.
- Competing on Price Alone
- Pricing shouldn't be the cornerstone of your competitive strategy, but it can't be ignored. Learn ways small businesses can set and maintain competitive pricing.
- The Hidden Dangers -- and Payoffs -- of "Targeted Pricing"
- Should your firm target your competitors' customers with lower prices than the competition charges them? When might it make sense, instead, to offer discounts to your own customers?
- How should pricing to retailers, who buy in quantity, differ from pricing to individuals?
- Learn how to factor in your relationship with your retailers and the importance of individual sales when setting your prices.
- Pricing and Fairness: Do Your Customers Assume You Are Gouging Them?
- Do shoppers feel they get a fair shake from the businesses they regularly patronize? According to researchers, findings suggest that shoppers tend to think prices are unfair.
- Dealing With Cost Hikes
- Lots of people will tell you now is the best time to raise prices. Don't follow them!
- Is It Time to Raise Prices?
- Boost your bottom line by taking the guesswork out of pricing.
- The Case for Higher Prices
- Entrepreneur Norm Brodsky believes that as a matter of sound business practice, it's important to raise prices regularly.
- Case Study: Taking the Bite Out of a Price Increase
- Here's how CQC Dental Laboratory raised prices without losing customers.
- Charge Your Clients More
- Solosits: If you plan and execute your rate hike carefully, your clients will pay those higher rates you deserve.
- The Right Price
- Uncertainty of what to charge, and the fear of losing business, cause many new entrepreneurs to undercharge for their services. Take a little time to think, and you'll come up with a fair price.
- CEO's Regret #7: Charging Too Little for Too Long
- When Inc. 500 CEO Daniel Gould first went into business, he offered his customers "the Wal-Mart attitude: rock-bottom prices all the time." But at the end of the day, he didn't have much to show for it.
- My Biggest Mistake
- The Restoration Hardware furniture promotion seemed like a good idea at the time. But selling a disproportionate amount of goods at discount prices was a costly mistake.
- Avoid the Price-Cut Trap
- Instead of cutting prices, bundle products to increase sales.
- More Nights at the Opera
- An opera company maximizes revenue by pricing tickets according to the demand for each seat at each show time.
- Holding Back on Price Hikes
- Consider asking customers to absorb charges for ancillary services associated with your product or service.
- Value vs. Vision
- For consultants, pricing is a marketing issue that determines how you position yourself and how the market perceives you.