Kyle Poyar, VP of Growth at OpenView, said it clearly: “pricing is your most powerful and most immediate lever to accelerate growth.”
Changes in pricing are bound to have an impact on performance. It’s a mechanism that can change your business’s trajectory, but it doesn’t get enough attention.
Your current customers will never be excited about paying more. But that’s not why raising prices is so difficult.
Most businesses struggle with their product pricing strategies. Are you charging too much or too little? What’s the right price to charge so you can grow your bottom line?
Product pricing strategy is something no business (that wants to make money) can avoid. Some use various consumer research methods. Some do seat of the pants kind of stuff.
But whatever strategy you use, there’s one thing that will always affect your pricing strategy.