I help entrepreneurs leapfrog over the typical potholes that derail most small businesses with inspiration, motivation, education, and support across a wide range of business topics drawn from over a decade of running my own business, teaching entrepreneurship for the City of New York, and coaching and consulting privately with dozens of women and minority small business owners. Honestly, why go it alone when help is an email away?
What's Your Point(s)?
|
Something that I think it's hard for a lot of entrepreneurs to understand is that you need to create price points that lead your customers through ever deepening value. While customers can enter at any point, many will enter at one of the lower tiers and then move upward the more and more value they derive from your products or services. All too often, however, I find business owners thinking singularly about pricing something they're selling rather than more strategically about how and where that new product or service fits into the universe of their offers. So, I thought I'd map out what a fairly typical customer value journey might look like in terms of offers and related pricing. You might also think of this as a pyramid where the higher you go, the steeper the price and the greater the value and impact of your offers to your audience. Here's what that might look like for service and product lines: Crafting price points that support your customer journeys and that work to attract new customers into your business is a complex aspect of pricing strategy that can be tough to get right. Often, successful entrepreneurs stumble upon the 'formula' that works best for their business. But, I don't want that for you and you shouldn't either. While there's certainly an aspect of pricing that involves trial and error, I want you to be deliberate about your pricing and have a sure-fire strategy for finding the right price mix that supports both you and your customers. Reach out to me if you'd like to learn more about how I can help you. 🍾 On a side note, this week marks three years (I can't believe it!) of sending out these emails nearly every Thursday. For however long you've been here, I thank you for continuing to support my efforts to inspire, motivate, and educate this community. 🥂 Until next time, PS - If you missed it, last week I was Mapping the Universe of customer journeys and value. Your success is our strategy! No longer want to receive my newsletter but don't want to miss my special offers and announcements? Click here. |
Easily Said & Done
Why grow your business alone?
I help entrepreneurs leapfrog over the typical potholes that derail most small businesses with inspiration, motivation, education, and support across a wide range of business topics drawn from over a decade of running my own business, teaching entrepreneurship for the City of New York, and coaching and consulting privately with dozens of women and minority small business owners. Honestly, why go it alone when help is an email away?
Hi Reader, Have you heard about this study conducted over 40 years ago that actually showed living like you're younger actually makes you physiologically younger? It's pretty wild. Here's how psychology professor Ellen Langer set up her experiment. She moved eight men aged 70+ and exhibiting various signs of aging into a time machine-like living space reminiscent of 1959 for 5 days. Langer didn't just want participants to talk about their youth but to actively live as they did twenty or so...
In honor of Financial Literacy Month I thought I'd share some helpful info from one of my favorite finance people, Tricia Taitt. Tricia is the CEO of FinCore as well as the author of Dancing With Numbers, a great book for those of us who don't consider ourselves 'numbers people.' What I see over and over again in the courses I teach and coaching I do is that far too many entrepreneurs avoid the financial side of their business until they can't afford to anymore. For some, it works out all...
This weekend I dedicated to one of my favorite hobbies—knitting. On Saturday, I attended my first meeting of the Big Apple Knitters Guild where Courtney Kelley, Co-Founder of Kelbourne Woolens, shared the story of the founding and building of her business. Like many entrepreneurs, Courtney and her partner Kate fell into their business without really knowing what they were getting themselves into. They both graduated art school and met while working in a yarn store. Neither had any idea how to...