Pricing Fundamentals – Pricing for Maximum Profits
Price is one of the most critical elements in your business. It can be the difference between a product/ service being sold or not. Or whether you make enough profit for your business to be viable. Doing the math to ensure your costs are covered and make enough profit is the first step, but a close second is understanding the market. Pricing is a lot about psychology and what makes people buy. Sometimes consumers’ behavior is counter-intuitive. For example, a pricing study showed a $39 priced skirt outsold the same skirt at $35.
So, if you’re not sure what to charge or looking to up your pricing game, this session is for you.
- The basics of pricing,
- Pricing models like cost-plus and value-based,
- Pricing strategies like skimming, competitive and discounting,
- Psychology of pricing like price anchoring and rule of nines, and
- How to determine the best approach for your business.
You’ll leave this session with a better understanding of pricing strategies to attract the right customer and maximize revenue.
Jenifer Horvath, Business Advisor AWE
Jenifer Horvath is passionate about supporting women to achieve their goals, in their own way. She has over 20 years of marketing, product management, management consulting, and coaching experience. She’s worked with international organizations such as Playtex, Campbell Soup, and EPCOR; Alberta-based organizations such as Alberta Motor Association, Alberta Milk, SAIT and Edmonton Economic Development; and many small businesses and start-ups. Having developed and implemented many strategic plans, she offers high-level insights as well as executional discipline. Her intellect, however, is pleasantly softened by a compassionate, considerate personality. As described by a previous co-worker, “she’s sharp, without the sharp edges.”
Jenifer works part-time at AWE as a business advisor and coach helping Alberta women start, build and scale their businesses. When she’s not at AWE, she runs her own business, HeartLifted, coaching moms to achieve success on their own terms. Jenifer is an International Coaching Federation (ICF) member.