12 Questions to Ask Yourself When Price Setting

Send us a text“Price setting is a thought process not a formula.”One big misunderstanding around price setting is, people believe there’s a mathematical formula to find the right price. This belief or hope holds many people back from doing the work that’s needed to find the best prices – finding a price that’s right for them and their customers.So if it’s not a formula but a thought process it begs the question, what does that really mean? It means you need a something to help you think through what the best prices could be – that’s where the thought process comes in. In part it’s a series of questions you should ask centered around strategic decisions in your business. The answers to the questions not only determine what you’ll do in your business but what prices are most suitable. This is also why 1 element (like competition or cost) shouldn’t determine your price. It’s just not enough information to give you a realistic view of the “best” prices.Recently I sat down and made a list of the questions one should be asking when price setting. Once I got going even I realized there are more questions than I first thought. Not all apply to every business, but just because it doesn’t now doesn’t mean it might not later. I am sure about one thing – many of the questions you’ve never thought of.In This Episode:In this episode I share with you 12 questions you can ask yourself when you start setting prices. These questions are one’s that apply to all business types. This is part 1 of a two part series. Whatever you do remember pricing is a thought process – meaning after you gather the information and ask the questions you still have to make the decision on what price to choose. It often means you’ll adjust things in your business, or go back and check your assumptions along the way as you get new information. The great thing is that now you’re making decisions based on a more solid foundation.Podcast Highlights0:00 Intro2:10 Questions One to Four3:41 Bringing Right Offers and Solutions4:50 Questions Five to Eight5:45 Makes You Feel More Confident9:09 Questions Nine to Twelve13:02 Wrapping It UpEpisode Links:Web Class: Pricing Know How for Startups: https://thepricinglady.com/webclassGrab a copy of my Self Assessment Pricing Scorecard: https://thepricinglady.com/goodiesGet and introduction to the Value Pricing Model: https://thepricinglady.com/valuepricingmodelWhat’s Next?Let’s TalkLooking for pricing support or interested in a partnership? Start here.Connect on LinkedInConnect with me on LinkedIn for practical pricing insights, new episodes, and behind-the-scenes updates.Why Pricing Feels So HardCurious why pricing feels so difficult? Explore the decisions behind confident pricing. Mentioned in this episode:The Pricing Lady is a proud member of the SwissCast NetworkDiscover more great podcasts for English-speaking SwitzerlandSwissCast Network