Pricing for Profit in the Service Sector: What You're Overlooking
Episode description
Are you focused on pricing for profit or just doing what everyone else does?
When setting prices it's easy to just focus on being like everyone else, but that may not fit your business. It may not bring you the profit you need. It might not even satisfy clients. The right prices are more than just doing what everyone else is, it's about doing what's right for your situation...for your business and clients.
In this episode of Live With The Pricing Lady, I dive into the most common pricing pitfalls service-based businesses face—like overly focusing on the competitor, fear-based pricing, and time-focused models—and reveal how to shift towards a more sustainable, profit-driven pricing strategy.
I’ll walk you through key strategies like value-based pricing, project-based models, and retainers, so you can create sustainable, profitable pricing that supports your business growth. Plus, I’ll share insights on building confidence in your pricing, communicating your value effectively, and avoiding scope creep.
Remember profit-based pricing doesn't make you greedy it makes you smart. Don't let doing the right things hold you back from business success!
Tune in to Live With The Pricing Lady your pricing podcast and start pricing for profit today.
What to listen out for:
- 00:43 The Importance of Pricing for Profit
- 02:58 Common Pricing Pitfalls
- 09:22 Strategies for Profit-Based Pricing
- 15:06 Overlooked Aspects of Pricing
- 18:53 Tips for Effective Pricing
- 20:51 Conclusion and Final Thoughts
Don't go yet. If you're enjoying the show please rate and review. It helps us spread the word to more people and ultimately get more small businesses on the path to sustainable profitability and business success. Thanks for Listening.
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Reach Out, Connect, or Book a Call with Janene
Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the self-assessment Pricing Scorecard (https://thepricinglady.com/pricing-self-assessment-scorecard/). Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.
Get in touch with Janene. If you’ve got a question that needs answering, a challenge you’re facing or you have suggestions for future topics or guests, let me know. Contact Janene (https://thepricinglady.com/book-a-call/)