Learn How to Price Effectively
by bridgetwpollack, Contributor
- Created: September 18, 2013, 10:47 am
One of the most important decisions you can make as a business owner, a marketer, an accountant and a business strategist is determining a price for your product or service. The price you choose to set communicates value, market position and customer expectations. From a backend perspective, it also determines the ever-important potential of profit.
If you’re working to develop the perfect pricing strategy for your new product or service or if are re-evaluating your current pricing strategy, take advantage of the free resources offered by SCORE. SCORE exists to provide expertise that is crucial to helping small businesses make important decisions like pricing determination.
This online workshop, presented by SCORE mentor Larry Hunt, will set a strong foundation for your pricing knowledge. You’ll learn standard pricing techniques, the difference between markup and margin and how to calculate your gross profit. For existing products/services, this session will teach you how to identify the current stage of your offering’s lifecycle and how to optimally price in this phase.
Resource 2: Pricing Strategies for Small Business
In this article, Janet Attard, a frequent speaker and author on small business issues, addresses important pricing questions like, “What are some ways to find out what competitors are charging to develop your own pricing strategy?” and “When are discounts NOT a good start-up strategy?”
Resource 3: The Total Cost Picture
Are you fully aware of all the factors that should be taken into account in your pricing? SCORE mentor Ashesh Banerjea clearly and concisely lays out all the considerations in this blog post. Also check out Ashesh’s explanation of 5 pricing models.
Setting appropriate and competitive pricing and re-evaluating it on a regular basis are so critical to small business success. SCORE provides free online workshops, articles, templates and blog posts to educate small business owners on this and all business topics. And SCORE mentors provide free one-on-one business mentoring for any issue you are facing in your business. Harness the knowledge of business experts to your best advantage. Connect with a free SCORE mentor today.
About the Author
Bridget Weston Pollack is the Vice President of Marketing and Communications at the SCORE Association. In this role, Bridget is responsible for all branding, marketing, PR, and communication efforts. She focuses on implementing marketing plans and strategies for the organization to facilitate the growth of SCORE’s mentoring and trainings services. She collaborates with SCORE volunteers to develop channel marketing strategies and media / PSA efforts in order to acquire new clients and volunteers. Bridget develops SCORE’s online marketing strategy in order to increase clients’ consumption of SCORE services (mentoring and training). Finally, she continues to enhance and manage SCORE’s public brand and image through the development of promotional materials. Prior to SCORE, Bridget was at Mid-Atlantic Control Systems in Rockville, Maryland as Marketing Manager. There she created and implemented the company’s business-to-business marketing strategies, including redesigning a web site, developing marketing collateral and forming relationships with vertical market partners. Bridget has worked as a Marketing Coordinator at Temple University Health Systems in Philadelphia, Pennsylvania, where she focused on marketing Temple Heart & Lung Center as a center of excellence in the Philadelphia region. Bridget has her Master’s of Business Administration from Temple University and a Bachelor’s of Science in Economics from the Wharton School at the University of Pennsylvania. Outside of work, she coaches second grade girls soccer for Arlington County. She currently resides in Arlington, Virginia with her husband Rick.
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