Pricing as a Tool

Somebody out there is worried about pricing. We're all worried about pricing. When I started my business, I asked business advisors, read magazine articles, and did research online. The most common advice was to "price competitively". Well, that wasn't very helpful to me. And so this is the first part in a four part series on my experience on setting prices. The main goal of this first blog is to make you think differently about pricing. Short-term vision makes you want to price to make enough money to live on. Don't go there. Think of pricing as a tool to move your business in the direction you want it to go. In my opinion (so far), there are three pricing stages that take effect and not necessarily sequentially:
1. Pricing for Growth
2. Pricing for Stability
3. Pricing for Optimization
I will describe these different pricing strategies in future blogs (coming during the next month - stay tuned...). For now, consider pricing as a tool that fluctuates (up AND down) as your business needs change. Back soon with more.