The Importance of Knowing Why That's Your Price
Episode description
Do you know why that's your price? Or why you price is what it is?
Many small businesses have no good reason for why they have the price they have except - that's what other people are charging. In my book that is rarely a reason that will make you feel confident. Nor will it give you the best price you can have.
Knowing why your price is what it is, is what's going to give you the confidence to charge the prices that you need in your business. The best price is one that's both good for the customer and good for you. That represents the value and is suitably profitable for the business. Without those conditions being met, you've got the wrong price.
And that's what this episode's guest is here to share with her.
In This Episode:
In this episode I sit down with Bethany Hawkins, CEO & Founder of Crackers in Soup. One of her biggest learnings was that she didn't account for all the costs in her business when she was setting prices. It resulted in her not have a full view of what the businesses needed in profit and in under pricing. She's going to share that and more as we discuss her pricing journey.
Podcast Highlights
- 0:00 Intro
- 2:13 Getting to Know Bethany
- 4:11 The Value Bethany Brings to Clients
- 6:51 How did Bethany Start Her Business
- 9:08 Pricing at the Beginning
- 10:50 Pricing Journey
- 14:06 Most Difficult Thing in Pricing
- 17:31 Biggest Success in Pricing
- 20:37 Best Business Advice
- 22:26 Reason Behind Crackers in Soup
- 24:28 Wrapping It Up
How to Reach Bethany:
Instagram: https://www.instagram.com/bcrackersinsoup/
LinkedIn: https://www.linkedin.com/in/crackersinsoup/
TikTok: https://www.tiktok.com/@crackers_in_soup
Website: https://www.crackersinsoup.com
Book Recommendation: The Silent Patient by Alex Michaelides
Recommended Tool: Asana
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,...