5 Signs That'll Help You Know When to Make Changes to Pricing

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Recognizing when to make changes in your pricing is an important part of managing prices in any business. I've had many people on the show who shared with us that it took them quite a long time to both realize and then accept that they would need to change prices in their business. You may struggle with that as well. And it often has quite a negative impact on business, especially growing a younger business.

This is why it's so important for you to be able to identify and then monitor the main price drivers that affect what you charge.

If you're periodically checking those things and/or when you're monitoring the ups and downs of those price drivers, you'll be able to not just see the signs that you need to make a change. Often you'll see those signs before they become a real issue. You can get ahead of things - awesome! You'll have more time to mitigate circumstances related to those price drivers (like find a new supplier if the current one's price has become too high). Plus you gift yourself more time to decide what to do with your price and how to implement any changes in the most effective way.

In This Episode:

In this solocast episode I share with you 5 signs that'll help you know when to make those important changes to your pricing. Use what you learn to think reflect on the things that are impacting your prices. Make a plan so you can keep a watchful eye on those drivers and how they change. It'll help you be more prepared and ready for what needs to comes next.

Enjoy the episode and of course if you have questions you can always reach out and ask.

Podcast Highlights

• 0:00 Intro
• 2:11 Why Your Prices are Going to Change
• 4:08 Be Careful in Communicating the Price Change
• 5:45 Some Ways are More Effective than Others
• 7:33 Wrapping It Up