Product pricing and the value triangle

Welcome to another episode of the Resilient Retail Game Plan podcast, hosted by me, retail expert Catherine Erdly. In this episode, I'm getting right to the heart of one of the biggest challenges for independent product business owners: pricing your products with confidence.Whether you’re creating your own products or reselling others’, pricing often brings up tricky questions, self-doubt, and even a touch of money mindset drama.I'll be explaining why undercharging is so common and why your customer’s wallet isn’t your business.I'll also walk you through the concept of the value triangle—covering price, quality, and desirability—to help you feel empowered to set prices that are sustainable for your business and resonate with your customers.If you want to grow a profitable retail business, feel more confident about your pricing decisions, and learn how to explain your value in a way that truly connects, you’re in exactly the right place.Click play and let's get started.Tell me what hit home:Once you've listened, DM @resilientretailclub on Instagram and tell me what resonated most with you.Please rate, follow, and share the Resilient Retail Club podcast in your app. It all helps us grow the show!Useful links:My freebie: http://www.resilientretailclub.com/freebieThe Stock Doctor: https://resilientretailclub.com/stockdoctorMy website: https://www.resilientretailclub.com/podcastMy Forbes page: https://www.forbes.com/sites/catherineerdly/Timestamped summary00:00 "Pricing Challenges for Small Businesses"06:06 The Risks of Underpricing Products07:20 Retail Pricing Indicator for Undervaluation10:39 "Wholesale Pricing Strategy Essentials"15:55 "Understanding Your Ideal Customer"17:55 Reducing Costs Without Compromise22:33 "Impactful Story Elevates Bag's Value"25:38 Maximizing Product Pricing StrategyThis title captures the dual focus of the text: encouraging bravery in trying new strategies and encouraging listeners to engage with the podcast by following, subscribing, and reviewing.Mentioned in this episode:Mailchimpresilientretailclub.com/mailchimpFaire 50% off - use code 'Resilient50'