Price setting is a thought process not a mathematical calculation.
Often when people ask me how they should know what to charge they expect me to give them a formula to make the calculation. Price setting isn't as simple as that. Companies that treat it as a math problem are missing one of the most important rules of pricing: Pricing is rooted in a deep understanding of the customer and what they value.
In this episode of Live with the Pricing Lady I'll dispel some of the myths around price setting and share with you the formula I use with clients (hint: it's a thought process people).
Highlights:
00:00 Intro
1:26 Dispelling some myths
2:32 Who does the Pricing Thought Process work for
4:02 Step 1
5:26 The sound cuts out (starts again at 6:37)
9:12 Step 2
10:48 Step 3
11:45 Step 4
12:15 Step 5
Live shows occasionally come with unexpected technical problems. I think there was a power disruption and hence the troubles. You might also want to skip 7:29-9:12 as I was trying to tell if you all could hear me or not.
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