Pricing Trends for Small Businesses in 2024

Send us a textDo you know what pricing trends to expect in 2024?As we begin the new year, it’s a good time to take a look at what’s been happening and where things are headed.People often mistake pricing as a “one-and-done” activity. The reality is that if your prices aren’t changing, then you’re no longer aligned with the market. Meaning you’re under or over priced. The consequences of that are many, most remarkably lower sales and profits. Ouch!That’s no way to start a new year.To avoid finding yourself in this situation, take a step back and look at where things are in the world – in your market, in your business, and in your pricing. To help you with that, I’ve put together some research and my own insights to help you get started. Let’s kick the year off with a look at Pricing Trends for 2024.In This Episode:In the past few years, we have seen a lot of fast-paced change.As you consider your pricing strategy and what to do it’s good to take a look at where have things landed and what does it mean in terms of how people behave when they make purchases. That’s where we start our discussion, with a look at the “state of affairs”.Then we turn towards upcoming trends in pricing, as an indication of what you might expect in the year to come. And last, my recommendations on what you might focus your attention to get ahead.Enjoy the episode.Podcast Highlights0:00 Intro2:08 2024 Preview5:27 Navigating Global Trends8:34 Pricing Amidst Market Shifts12:21 Beyond Price Wars14:56 Pricing Trends23:38 Strategic Pricing in 202426:37 Wrapping it UpEpisode Links:NIQ 2023 Mid Year Outlook Survey: https://nielseniq.com/global/en/insights/analysis/2023/5-cost-of-living-trends-to-know/ Check out the next Price Point Event full details at: https://thepricinglady.com/thepricepoint The next cohort of The Fair Price Formula Part 1 - Price Setting starts January 26th. Register at www.thepricinglady.com/setmyprices The Customer Compass (previously the Customer Value Challenge) is coming in February.The next Pop-Up Pricing Masterclass is on March 5th and we'll be focusing on Understanding Profit.  https://thepricinglady.thrivecart.com/profit-mc/Don'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.*****Hi I'm Janene, Let’s Take the Next Step TogetherPricing can feel confusing or overwhelming — and that’s completely normal. I’m here to help you gain clarity and confidence.If you’re ready for personalized support and real solutions, book a call and let’s talk about your unique pricing challenges.https://thepricinglady.com/book-a-call/Not quite ready? Visit my Resources page to explore guides and tools that meet you where you are — including the friendly Pricing Scorecard to help you uncover opportunities without any pressure.https://thepricinglady.com/resources/No matter where you are in your pricing journey, the next right step is waiting for you.Mentioned in this episode:The Pricing Lady is a proud member of the SwissCast NetworkDiscover more great podcasts for English-speaking SwitzerlandSwissCast Network