Have you done your strategy?

“Strategy without tactics is the slowest route to victory; tactics without strategy is the noise before defeat.” – Sun Tzu.

What are your tactics based on?

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Do you have both?

Developing a good strategy takes great wisdom.

Executing good tactics take great courage.

You need to have both to win a war. I think it works for marketing plans too.

Can you see it through?

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What are you creating?

Whether you are a founder, an entrepreneur, a marketing manager or any other employee, your number one role is to create value.

When you don’t know what value is in your context and what value you are creating; you eventually become of no value to the people you serve.

What value do you create?

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Are you stuck in the middle?

Most entrepreneurs like to price their products right in the middle. The idea that once you take the middle you can’t go wrong. But they fail to see that the middle ground is a dangerous area. It makes quality conscious consumers think it is too cheap, bargain hunters in turn think it is too expensive.

This is not to say it is entirely wrong; it is to say simple solutions may not always be so simple. Do your homework, if it indicates that’s the best price range - sure, go for it!

What are the other choices?

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Are you saying the right thing?

If you understand how much value your product delivers but complain that the consumers are not willing to pay that price; then perhaps your challenge is in communicating that value to the consumers. You aren’t telling a compelling story that makes their willingness to pay increase. Or your product price is signaling the wrong message. Calibrate both of these and see how your profit increases.

Are you charging the right price?

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How did you determine your price?

If all you do is ask, "What are my costs? What returns do I want? What are my competitors doing? What is the market willing to bear?" Then you are missing the bigger picture in your pricing strategy.

The bigger picture involves you understanding your product’s (or service’s) worth to the market and being able to communicate that. That’s where the other P (i.e., promotion) of marketing comes in to secure the positioning of its worth in the consumer’s mind.

Are you leaving money on the table?

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Do you want to increase profitability?

There are four gears you can pull in order to increase profitability. Sales, price, fixed cost and variable cost. You can increase the first two and you can decrease the last two. These will increase your profitability. Arguably, the easiest to do is increasing price but it is the one that most companies are most afraid to do.

Ever spent more time on your pricing strategy?

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