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This is another question I've been asked recently because of the pandemic and I can understand why. Everyone, it seems, from Joe Wicks to David Walliams is giving away free stuff.
So if everyone else is doing it, does that mean you should? Here are the things to consider. I've have a few conversations with people this past week about discounting. I've also seen a lot of businesses discounting their products and services. So if a lot of people are doing it, does that mean it's a good idea?
Well, it might be a good idea for your business, but it might not. Here are the things to consider. What is the difference between cost-based pricing and value-based pricing?
Cost-based pricing is a model where you work out how much a product or service costs to deliver and set your price accordingly. As long as you factor in all your overheads and sales & marketing costs, you will be able to work out your profit margin. Value-based pricing is a very different model, and people often struggle to get their heads round it, so I use this story to explain what it means... |
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Each month I send out a newsletter email of recent marketing articles, videos and other useful content from my own blog as well as from other excellent marketers I follow and admire. My aim is to help you stay up-to-date with your marketing knowledge without having to spend time trawling the web sifting through all the content that is out there - I do that for you!
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Ros Conkie is a Marketing Consultant based in Portishead near Bristol, North Somerset, UK
Ros Conkie is a Marketing Consultant based in Portishead near Bristol, North Somerset, UK
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