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Create a Profitable Pricing Strategy Masterclass
Rating: 4.6 out of 5(14 ratings)
1,085 students

Create a Profitable Pricing Strategy Masterclass

Learn the fundamentals of creating a profitable pricing strategy using proven methodologies
Created byKen Burke, EntrepreneurNOW Network
Last updated 1/2023
English

What you'll learn

  • How do customers perceive price and value?
  • What are ways I can add value that boost margins, not costs?
  • How can I justify higher prices in a competitive market?
  • What will customers pay more for?
  • Why is pricing important to potential investors?
  • Which pricing model should I use for my business?

Explore related topics

Course content

6 sections • 32 lectures • 1h 29m total length

  • Pricing Strategy Overview2:59

    The price you set for your product or service broadcasts its value to potential customers. This video provides an overview of the many variables that impact the pricing, pricing models, and using competitive analysis to achieve competitive pricing and healthy margins.

  • What Price Communicates5:00

    You would be amazed at how much information you communicate to a consumer with your price.  Let's explore what a consumer (or business buyer) hears when they see your price.  

  • Scenario-Based Pricing1:54

    Coming up with your pricing strategy is not easy, but we will guide you through the process and that process starts with scenario-based pricing.

  • Types of Pricing Strategies1:36

    There are three primary types of pricing strategies you can use for your business.  This lesson will help you in determining the ideal pricing strategy for your business.  

  • What Investors are Looking for in Your Pricing Strategy1:41

    Investors will be very interested in your pricing strategy. We will review exactly what they look for so you can consider incorporating that into your pricing strategy.  

  • Test Your Pricing0:45

    There is nothing more important than to test your pricing strategy with actual buyers.  We will examine exactly how to do that.  

  • The 3 Pricing Models2:46

    How will you price your product? Gain an understanding of three key pricing models: Cost-based pricing, market-based pricing, and value-based pricing. This overview includes a look at popular products and service's pricing models—yogurt, dry cleaning, nutrition bars, furniture, house cleaning, nail salons, hotels, and more.

  • Guess The Pricing Model2:33

    To get you warmed up, here is a quick exercise that presents a handful of well known companies and asks you to guess their pricing model.  

  • Examples of Pricing Models1:18

    Let’s take a look a bunch of examples of pricing models from companies that you will be familiar with.  

Requirements

  • Learns should have a general knowledge of business and a desire to be an entrepreneur.

Description

Pricing can determine whether your business succeeds or fails – yet too many entrepreneurs rely on guesswork or back-of-the-napkin calculations to set prices. This course reveals a proven methodology for developing a pricing strategy, as well as ways to increase customer perceptions of value so you can justify higher prices and boost margins.


As part of the process, you’ll learn how investors evaluate pricing strategies, the advantages and drawbacks of different pricing models, how to calculate margins, average margins for specific industries and retail categories, how to gauge price sensitivity, and how to build a pricing profile specific to your offering based on eight key variables.


Tips and examples are included for both product- and service-based businesses, as well as businesses that contend with seasonal pricing variations. The session offers guidance on bundling, discounting, and other pricing techniques, which you can apply in a workshop session that walks through the pricing strategy framework step by step. 


Pricing Fundamentals:

Pricing can determine whether your business succeeds or fails – yet too many entrepreneurs rely on guesswork or back-of-the-napkin calculations to set prices. This course reveals a proven methodology for developing a pricing strategy, as well as ways to increase customer perceptions of value so you can justify higher prices and boost margins.


Competition and Margins:

Gain an understanding of how margins work so that you can choose the right price for your product or service. Having a justified pricing strategy will help you avoid common mistakes such as guessing at price-setting, skipping competitive pricing research, leaving money on the table with a too-low price, or misunderstanding the whole value of what you're offering.


Learn how supply and demand for your product or service impact price, how to quantify the level of value you're delivering (don't under-value it!), and how market forces impact your pricing. 


Pricing Influencers:

Pricing influencers have a dramatic impact on your ability to set pricing.  The more flexibility you have the higher price you can charge and the more margin you can get.  In this course, Ken will walk you through each of the eight pricing influencers and give you strategies to help improve your position giving you more flexibility in your overall pricing strategy.  


Ken will also explore tactics that you can apply to your business, supporting you in setting the most appropriate price for your product or service—without leaving money on the table. 


Pricing Models:

Understanding the right pricing model to use in your business is critical to your success.  In this course, we will guide you through which pricing model is the right fit for your business.  We will dive deep into the advantages and disadvantages of the three primary pricing models used.  These pricing models are:

  • Cost based

  • Market based

  • Value based

And here is a quick secret.  There is no question that value-based pricing is by far the best pricing model you can use however your industry might force you into one of the other two.  We will give you proven strategies that can help you take maximum advantage of value-based pricing.


Who this course is for:

  • This course is for entrepreneurs or anyone who is running or thinking of running a business

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