Marketing Tips – Small Business Pricing

Pricing is a key determinant in the decision making process customers use to purchase your product or service as well as a key element in determining the profitability of your business. Setting a price for your product or service that appeals to your target market and encourages them to buy is therefore an essential part of your business and marketing strategy.

Before determining your pricing strategy for your business it is important to consider the following:

Your Customer

An effective marketing strategy begins and ends with your customer. It is therefore important to establish how much your customers are willing to pay for your product or service, how sensitive your customers are to changes in price and how price discounting will affect the level of demand and profitability of your business.

Your Product or Service’s Features and Benefits

Unless you have a product or service that offers a unique or additional benefit, and you can communicate this benefit adequately to your target market, if your price is too high you may price yourself out of the market. Look at the features and benefits your product or service offers and how they compare to your competitors. Remember the benefits you provide can either be physical, emotional or both. For example, some customers may see a high price as equalling high quality and are therefore willing to pay a premium.

The Cost of Doing Business

Before setting your price you need to determine what your small business must charge for its product or service in order for you to make and sustain a profit. Look at what the cost and expenses are of doing business and what price you will need to sell at to ensure these expenses are covered. Unless you have a sustainable cost advantage, if your price is too low, your sales volume may not generate enough revenue to cover the costs associated with your business.

The Market and Your Competitors

Your competitors play an important role when setting your pricing strategy. For example, there may be competitors nearby where customers can compare prices so you may need to price match. If it is hard for your customers to compare prices you may be able to charge a premium.

Distribution Channels

Some customers may expect to pay a different price for a product or service depending on which distribution channel they use. For example, if a customer purchases a product over the internet or by mail they may expect to pay a lower price due to the elimination of the middle person i.e. the retailer.

Life Cycle of Your Product or Service

At different stages of your product or service life cycle you may change your pricing strategy to suite your business needs. For example, when you are launching a new product or service you may adopt a low price strategy to encourage trial and repurchase of your product/service on a regular basis. Alternatively if your product or service has a unique point of difference or high cost of production you may charge a premium over your competitors. As your product or service grows in customer awareness and credibility you may be able to sustain a price increase. Alternatively as sales increase, your production costs may be reduced and you may be able to pass on some of these savings in a price reduction or regular promotional offers.

(c) Marketing for Business Success Pty Ltd 2008

E- Business Solution Providers

With the growth of e-business over the past few years, the number of e-business solution providers has also grown. E-business can be compared to a 24/7 open shop or a showroom catering to its clients and buyers. Naturally a lot of maintenance has to go into it. This is where the e-business solution providers step in and take things in their hands to further enhance your business.

Conducting business online may sound very easy as you avoid a lot of unwanted hassles but a lot of skills and innovation goes to keep it going. E-business involves doing market research, getting qualified traffic, converting hits to business advantages and using information to generate new ecommerce from existing clients.

E-business solution providers with their in-depth research and skills will provide you with tactics and strategies to make your business profitable. The first step for them would ideally be to understand your business and requirements. Then a research will follow to find out the predicted market potential, the best keywords and phrases, competition for keywords, search engine relevancy etc

The next step for an e-business service provider would be to find a way to get the visitor on your website to take steps to benefit your business. This is done by understanding the psyche of the visitor and creating an automated website, attractive and user-friendly for the visitor. Efficient e-business solution providers will definitely go for internet marketing to get more visitors to visit your website. Website launching if required is also taken care of by the e-business service providers. Site-management and promotion is also very important. The content, images and the layout of a website has to be continuously improved and worked upon keeping up to date with the market.

Some e-business solution providers also offer BPO services which can be used for telemarketing and cross-selling to maximize profits.

E-business solution providers offer services to support, guide and help you at each step. Outsourcing e-business solutions will help you save time and resources while you can focus on other business objectives.

INDIA

Technology Center

Binary Semantics

Plot No. 38, Electronics city

Sector 18, Gurgaon-122 015, India

Phone: +91.124.4017660

Fax: +91.124.2397655

The Top Apps, Software and Online Services for Organizing Your Mind

A lot of us blame technology for the constant stress that we’re under and for the fact that we feel constantly so wired. We’re continuously bombarded by notifications and messages and we seem to spend half our time looking at screens – is it any wonder so many of us are burned out?

But just as guns don’t kill people – people do, so is it true that apps don’t make you tired – you do.

The key is just to use the right technology. Actually, there are plenty of apps out there that can help you to feel less stressed and that can reduce that information overload. Likewise, there are also a number of online services that can do the same. Let’s take a look at a few of them.

Headspace

Headspace is an app that can teach you how to practice mindfulness meditation. The app does cost money if you intend to keep using it but the first few sessions are free and provide a great introduction.

Fabulous

Fabulous is a beautifully designed app for Android that can help you to take on new habits and routines and that will guide you through your goals and objectives. It makes setting new challenges for yourself fun and encourages you with motivation and tips along the way.

Standing Orders

Here’s a great way to use technology to make your life easier – set up some standing orders with online services. There are actually tons of companies that now offer there services on an automated recurring business:

  • Clothes companies that send you a new outfit every month
  • Supermarkets that let you have your weekly shop delivered to you
  • Diet companies that send ready made meals/ingredients to you on a daily basis
  • Flower shops that send flowers to someone on their birthday every year

Consider if something like this could help!

Virtual Assistant

A virtual assistant is an assistant that works for you via the web. They tend to be based in India and are very affordable but their services cover anything that can be done online. That could mean doing research for your work, or it could mean helping you organize a holiday!

Todoist

Todoist is a great ‘to-do list’ app that lets you set to do lists and then receive notifications and reminders about them.

Google Calendar

Any calendar app can be a great way to check your availability and to avoid over booking yourself. It syncs with other apps and even lets you share your schedule with others too.

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