Is my product priced correctly? — Mike Bernard // Vendavo
- Part 1Start point to improve margins — Mike Bernard // Vendavo
- Part 2 Is my product priced correctly? — Mike Bernard // Vendavo
Show Notes
Quotes
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"The quickest way to gauge if your pricing is on point is if customers are willing to pay for your product or service at the offered price. If you can get someone to pay for it, then you're probably not too far off." - Mike Bernard
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"Your pricing strategy comes down to market research and trial and error out in the market to see where your pricing is going to land." - Mike Bernard
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"When the market doesn't understand the value of what you produce, you have an educate the market situation going on where you need to demonstrate that what you do and the price you offer it for is a better deal." - Mike Bernard
- Part 1Start point to improve margins — Mike Bernard // Vendavo
- Part 2 Is my product priced correctly? — Mike Bernard // Vendavo
Up Next:
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Part 1Start point to improve margins — Mike Bernard // Vendavo
Mike Bernard, CMO of Vendavo, explores strategies for improving your margins. When contemplating margin improvement, numerous factors influence the path to achieving a successful outcome. It's essential not only to identify and rectify margin leakage but also to devise strategies for generating additional margin leverage within your business.Today, Mike discusses the starting point for improving your margins
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Part 2Is my product priced correctly? — Mike Bernard // Vendavo
Mike Bernard, CMO of Vendavo, explores strategies for improving your margins. Luxury brands like Louis Vuitton can command premium prices due to their exclusivity and status. In contrast, a wire manufacturer deals with a commodity where pricing is competitive. When setting prices for your product or service, it's crucial to assess its perceived value in the eyes of customers and align it with their willingness to pay. Today, Mike discusses whether your product is priced correctly or not.
