Create A Profitable Pricing Strategy Masterclass

Learn the fundamentals of creating a profitable pricing strategy using proven methodologies

What you'll learn

How do customers perceive price and value?

What are ways I can add value that boost margins, not costs?

How can I justify higher prices in a competitive market?

What will customers pay more for?

Why is pricing important to potential investors?

Which pricing model should I use for my business?

Requirements

Learns should have a general knowledge of business and a desire to be an entrepreneur.

Description

Pricing can determine whether your business succeeds or fails – yet too many entrepreneurs rely on guesswork or back-of-the-napkin calculations to set prices. This course reveals a proven methodology for developing a pricing strategy, as well as ways to increase customer perceptions of value so you can justify higher prices and boost margins. As part of the process, you’ll learn how investors evaluate pricing strategies, the advantages and drawbacks of different pricing models, how to calculate margins, average margins for specific industries and retail categories, 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 a workshop session that walks through the pricing strategy framework step by step.  Pricing Fundamentals:Pricing can determine whether your business succeeds or fails – yet too many entrepreneurs rely on guesswork or back-of-the-napkin calculations to set prices. This course reveals a proven methodology for developing a pricing strategy, as well as ways to increase customer perceptions of value so you can justify higher prices and boost margins.Competition and Margins:Gain an understanding of how margins work so that you can choose the right price for your product or service. Having a justified pricing strategy will help you avoid common mistakes such as guessing at price-setting, skipping competitive pricing research, leaving money on the table with a too-low price, or misunderstanding the whole value of what you're offering. Learn how supply and demand for your product or service impact price, how to quantify the level of value you're delivering (don't under-value it!), and how market forces impact your pricing. Pricing Influencers:Pricing influencers have a dramatic impact on your ability to set pricing.  The more flexibility you have the higher price you can charge and the more margin you can get.  In this course, Ken will walk you through each of the eight pricing influencers and give you strategies to help improve your position giving you more flexibility in your overall pricing strategy.  Ken will also explore tactics that you can apply to your business, supporting you in setting the most appropriate price for your product or service—without leaving money on the table. Pricing Models:Understanding the right pricing model to use in your business is critical to your success.  In this course, we will guide you through which pricing model is the right fit for your business.  We will dive deep into the advantages and disadvantages of the three primary pricing models used.  These pricing models are:Cost basedMarket basedValue basedAnd here is a quick secret.  There is no question that value-based pricing is by far the best pricing model you can use however your industry might force you into one of the other two.  We will give you proven strategies that can help you take maximum advantage of value-based pricing.

Overview

Section 1: Pricing Fundamentals

Lecture 1 Pricing Strategy Overview

Lecture 2 What Price Communicates

Lecture 3 Scenario-Based Pricing

Lecture 4 Types of Pricing Strategies

Lecture 5 What Investors are Looking for in Your Pricing Strategy

Lecture 6 Test Your Pricing

Lecture 7 The 3 Pricing Models

Lecture 8 Guess The Pricing Model

Lecture 9 Examples of Pricing Models

Section 2: Competition and Margins

Lecture 10 Common Pricing Strategy Mistakes

Lecture 11 5 Key Steps to Pricing Strategy

Lecture 12 Researching Your Market

Lecture 13 Know Your Margins

Lecture 14 Average Industry Margins

Section 3: Price Influencers

Lecture 15 Pricing Influencers Explained

Lecture 16 Pricing Variable 1 - Competition

Lecture 17 Pricing Variable 2 - Demand

Lecture 18 Pricing Variable 3 - First of a Kind

Lecture 19 Pricing Variable 4 - Uniqueness

Lecture 20 Pricing Variable 5 - Scarcity

Lecture 21 Pricing Variable 6 - Quality

Lecture 22 Pricing Variable 7 - Margin

Lecture 23 Pricing Variable 8 - Customer Perception of Value

Lecture 24 Scoring Your Pricing Influencers

Section 4: Pricing Models

Lecture 25 Overview of Pricing Models

Lecture 26 Cost-Based Pricing Pros and Cons

Lecture 27 Market-Based Pricing Pros and Cons

Lecture 28 Value-Based Pricing Pros and Cons

Lecture 29 Choosing a Pricing Model

Lecture 30 Common Mistakes in Pricing

Lecture 31 Setting Your Price: Case Study

Section 5: Final Quiz

Section 6: Workshop - Create Your Pricing Strategy

Lecture 32 Workshop - Create Your Pricing Strategy

This course is for entrepreneurs or anyone who is running or thinking of running a business