Growth through pricing: How to add more value

Contributor:
Xeinadin Group

Date:

Category:

Share this article:

Hallidays’ 7-step guide to pricing looks at how to price and position your products and services for maximum profit. This blog focuses on one of these steps – adding more value.

Most people think that customers buy based on price. They don’t! Most customers buy based on value. So a key step to maximising your profits is to add more value into your products and services.

For example, the price of coffee in a coffee shop is considerably more than in a fast-food outlet because their customers value the benefits associated with the experience of visiting a coffee shop.

There are only three reasons why people might object to your pricing:

  1. They can’t afford you – in which case they are not your ideal customers
  2. There isn’t enough value
  3. You haven’t communicated the value

Take action

A great way to get started is to bring your team together in a relaxed environment to brainstorm the existing and potential benefits of your products or services to your customers. Remember to include any feedback you’ve received from customers. If possible, include an outsider who knows your business well, as a ‘fresh pair of eyes’ can help you identify the things you take for granted and may even suggest new ideas. What action are you going to take to add more value?

If you would like to learn more about how Hallidays can support you to formulate a pricing strategy that maximises your profits, please contact our team on 0161 476 8276 or [email protected].

This website uses cookies

With these cookies, we and third parties can collect information about you and your internet behaviour, both within and outside our website. Based on this, we and third parties adjust the website, our communication, and advertisements to your interests and profile. You can read more information in our cookie statement.

If you opt for acceptance, we will place all cookies. If you opt for rejection, we will only place functional and analytical cookies. You can adjust your preferences at a later time.

Accept Reject More options

This website uses cookies

With these cookies, we and third parties can collect information about you and your internet behaviour, both within and outside our website. Based on this, we and third parties adjust the website, our communication, and advertisements to your interests and profile. You can read more information in our cookie statement.

Functional cookies
Arrow down

Functional cookies are essential for the proper functioning of our website. They allow us to enable basic functions such as page navigation and access to secure areas. These cookies do not collect personal information and cannot be disabled.

Analytical cookies
Arrow down

Analytical cookies help us gain insight into how visitors use our website. We collect anonymised data about page interactions and navigation, enabling us to continuously improve our site.

Marketing cookies
Arrow down

Marketing cookies are used to track visitors when they visit different websites. The goal is to display relevant advertisements to the individual user. By allowing these cookies, you help us show you relevant content and offers.

Accept all Save