TBL Episode 109: Is your pricing holding back your business?

The Bottom Line by Evolved Finance

Dec 14, 2020•27 min

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Episode description

Before I started working with Corey (my business partner and the founder of Evolved Finance) back in 2014, I was the US footwear manager and merchandiser for adidas Golf. In this role at adidas, I learned the importance of pricing very quickly because a big part of my role was to make sure all our footwear models were priced to:

Drive profit for the company
Drive the sales volume needed to steal market share from our competition

Leaving this business environment of tangible/physical goods to dive into an online world of digital offers and services made me have to rethink what I knew about pricing quite a bit. After looking at thousands of profit and loss statements and having hundreds of coaching conversations with our clients, it’s become clear to me that pricing is just as important for an online business looking to scale and grow as it is for a company selling physical inventory. I still see a lot of online entrepreneurs feeling unsure about what to consider when deciding the price of their online offers. Many times, their pricing is holding them back from taking their business to the next level. That’s why for this episode, we discuss:

Why it’s ok to change your prices as your business evolves
How pricing affects the customers you attract
How pricing supports your future team
Why pricing needs to fully reflect the value of your offer
Why you need to consider your pricing in tandem with your customer journey
How the price of your offer will affect your marketing strategies