From Pricing Woes to Pricing Pro: 5 Expert Tips to Avoid the Most Common Pricing Mistakes

Send us a textPricing is a much undervalued business topic. It has a bigger impact on your profit than anything else in your business – yet if you’re like most people you don’t often give it much attention. Studies show time and again that of the four profit levers (price, volume, fixed costs and variable costs), price has the most impact on profit. Yes a bigger impact than your costs. This surprises most people. And it’s counter to how they are working.Consider for a moment what most businesses do when profits start falling? That’s right they start reducing costs. But if you understood that your prices have a bigger influence on your profit wouldn’t you also give your at least the same attention you do costs?Of course you would, put that why it’d be silly not to. Logically it makes sense but that’s not what you’re doing.And if you’re a new business, failing to give pricing your time and energy will make it harder for you to get your business engine running (i.e. build profitability) and achieve your business objectives. t also makes it hard for you to tell the “Profit Story” of your business to investors, potential business partners and other interested in working with you.The good thing is that most pricing mistakes are avoidable. But first you’ve got to know what to do to not repeat the mistakes your making or the ones you haven’t even thought of yet.In This EpisodeIn this episode I’ll share with you 5 of my expert pricing tips to help you avoid the most common pricing mistakes. Let’s take you from pricing woes to pricing like a pro! We’ll first look at 5 of the most common pricing mistakes and then I’ll share with you actions you can take to lessen the chance of you making those errors.Podcast Highlights0:00 Intro2:17 Mistakes Number One to Five5:39 The Leaky Bucket Concept8:03 Tips to Avoid Pricing Mistakes17:30 Not a Right Strategy25:18 Wrapping it UpEpisode LinksHow to do Customer Insight Interviews: https://thepricinglady.com/betheexpert/How to set Prices group program The Fair Price Formula:https://maven.com/the-pricing-lady/fairpriceformulaDon't go yet. If you're enjoying the show please rate and review. It helps us spread the word to more people and ultimately get more small businesses on the path to sustainable profitability and business success. Thanks for Listening.What’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