Profit. It’s the only way you can sustain your business. One of the best ways to ensure you’re creating that profit is through pricing correctly. 

Here are three pricing strategies that I have found work for my business, and for yours.

Pricing itself – The greatest form of marketing, the one that’s most overlooked? Pricing. Your marketing is inherent to your pricing. Pricing equals a perceived value. For example, say you see a product for five dollars, and then a similar one for fifty. Which one will you think is more valuable? I’m not advising you to overcharge for your offerings, and if you’re pricing on the low end, consider if your product is really serving anyone. An additional tip? Don’t fall into the trap of pricing the same as your competitors. Really evaluate your product or offering and decide what it’s worth.

Perceived value – This is also part of pricing. When people spend more on something, they value it more. People who invest more, are more invested in the outcome. Price accordingly to really increase your client engagement. You will notice that clients who pay more are better clients and customers because they are more invested in the outcome. To note: You still have to ensure the value to your client is higher than the cost so you are serving them fairly.

Pricing translates to permanence – Your business can’t serve your clients and customers if it’s not around. You need to sustain it! Price in a way that you can sustain your business, and your lifestyle, comfortably. This way you can continue to serve them and fulfill their needs. 

The world needs you! Consider reevaluating your pricing structure to ensure the sustainability of your business. 

PS. For a deeper dive into the sustainability of your business, check out the Sales and Profit chapters in Fix This Next. You can get the resources here.