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Here are 7 Steps to Perfectly Price Your Product

Here are 7 Steps to Perfectly Price Your Product
Why Is Pricing Strategy Important? Pricing is of ultimate importance because every buying decision is based on pricing. We need to put a proper pricing label on our products in such a way it is convincing and appealing as well. The key is to strike a balance that will generate revenue without putting off potential customers. Setting prices too high can make a product prohibitively expensive for your target audience while setting prices too low can threaten your bottom line. Fortunately, there are a number of different pricing strategies that can help you determine the right price for your products. Having a robust pricing strategy gives you a competitive advantage by allowing you to meet consumer demand in a competitive market. Info: Masterclass Here are 7 steps to price your product. 1. Identify your ideal buyers What is an ideal customer? – Your ideal customer is someone who gets their exact needs met by what your’e offering. For detailed info visit AudienceOps 2. Perform competitor and market research Competitive market research centres on finding and measuring key market metrics that help identify differences between your products and services and those of your competitors. For detailed info visit HubSpot 3. Determine your costs A fundamental principle of pricing is that you need to cover your costs and then factor in a profit. That means you have to know how much your product costs. You as well need to understand how much you need to mark up the product and how many you need to sell to turn a profit. For detaile info visit Inc 4. Compute your average customer’s Lifetime Value (LTV) What is Customer Lifetime Value (LTV)? – The customer lifetime value (LTV), also known as lifetime value, is the total revenue. In accounting, the terms sales and a company expects to earn over the lifetime of their relationship with a single customer. For detailed info visit CFI 5. Select the right pricing strategy If a business cannot identify or arrive at the right price point for their products based on value, it is definitely going to be an uphill battle against their competitors. For detailed info visit Forbes 6. Use the best-fitting pricing model for you A pricing strategy is the way you set the price.A pricing model is a kind of price format – it’s part of the way you package and present your goods and services to the customer. For detailed info visit Qualtrics 7. Implement, experiment, and learn In today’s marketplace, businesses can no longer afford to play it safe. It’s time for pricing to get experimental. For detailed info visit IntelligenceNode Outcome When You Want to Increase the Price of Your product Losing out on new clients if you change your rates in relation to your competition.Loyal clients that have been with you for several years might feel, they deserve to stay at the lower price point.Fear of increasing the price might put you to remain in the status quo and not do anything about it. In her Tips for Pricing your Handmade Goods blog on Craftsy, artesian entrepreneur Ashley Martineau suggests this formula: Cost of supplies + $10 per hour time spent = Price ACost of supplies x 3 = Price BPrice A + Price B divided by 2 (to get the average between these two prices) = Price C For example, you have determined the cost to purchase supplies to make one unit of your product is $4.28 and it takes you a half-hour to complete it, then your formula would look like this: $4.28 + $5 = $9.28 (Price A)$4.28 x 3 = $12.84 (Price B)$9.28 + 12.84 = $22.64$22.64 / 2 = $11. 32 You also need to calculate the tax...
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The Benefits Of Attending Trade Shows For Business

The Benefits Of Attending Trade Shows For Business
Business has become incredibly more competitive over the years and it has become increasingly more difficult to find a niche in any market. As a business owner it should be your job to try to find and create new opportunities for your business. The key to any product or service is finding the right customer demographic and finding them in large numbers. You could sit in your store and wait for the footfall to pass by but you will be waiting a long time before many thousands of people walk into your store. There is a better option and it comes in the form of trade exhibitions and these can actually change the future of many businesses. No business can afford to ignore these exhibitions and trade shows because they offer so many benefits to your business and by not attending, you are surely missing out on many opportunities for growth. The difficult thing about exhibitions or trade shows like these is that it can be quite difficult to transport your goods to the destination. You would have to have specialised transport to do so and experience lifting and carrying specialist equipment. You can use demo equipment management from Tecdis and these people can make sure that everything gets to its final destination. If you’re still not sold on the benefits of attending exhibitions or trade shows, then maybe the following can help you to make a more informed business decision. More opportunities to meet & greet – It is vitally important that your business networks with other businesses within your industry and the key to higher profits is more customers and so you need to be able to grow your customer demographic for this to happen and communicate with customers. When you attend such things as trade exhibitions, it allows you to stand out from your closest competitors and it is the perfect way to meet new clients. Trade shows allow you to meet with potential customers face-to-face and really connect with them. There are also real opportunities for people to buy your products and services while there and you can offer special promotional prices to encourage them to do so. Increased brand awareness – The opportunity to be able to actually greet your customer demographic provides the perfect opportunity to show off your brand and to increase your business image. In most cases, local tabloids like newspapers will be there and so your business may get an opportunity for exposure that you won’t even have to pay for. Anything that draws attention to your business in a good way should be embraced with both hands and it also gives you the chance to give away free branded items like pens, hats and key rings to new customers. Just by being there, you are marketing your business and this is one of the most cost-effective ways of doing so. If you get an opportunity to attend such an event, you really should take it and run with...
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What is Organizational Change Management?

What is Organizational Change Management?
Today’s leaders around the world cite culture and employee engagement as one of their top organizational challenges. They are in a position to identify and assess the need for change in their organizations as certain issues are only evident like a tip of the iceberg. In order to kick start organizational change management, leaders can do these two things. Constantly Ask Why? Why do we do it this way! If “That’s the way we’ve done it always” is the answer, it’s time to delve deep into underlying issues that are waiting to be addressed.Consult an expert from outside and allow them to experience your firm for a while. They might be able to bring out the existing flaws. New perspectives always end in benefits. Organizational Change Management Factors contributing to failure: Management behavior does not support changeEmployees’ resistant to changeInadequate resources / budgetOther obstacles Organizational culture eats organizational change for breakfast, lunch and dinner- so, don’t leave it unattended. Mind-set Shifts for Organizational Transformation From profit to purposeFrom hierarchies to networksFrom controlling to empoweringFrom planning to experimentationFrom privacy to transparency The transformation journey can’t rely only upon technology innovations as innovations are a result of in-depth factors including mind-set, behavioral constructs, leadership and culture. The most profound business challenge we face today is how to build organizations that can change as fast as change itself. – Gary Hamel An Employee always tend to think and fear “My boss does not like me!” This mentality stops him/her from expressing his/her thoughts freely. This is a definite do-harm factor for the firm as suggestions from employees are valuable as they stem from their work experiences. Be it inter personal or even judgemental, an employee must be given a free hand to sincerely express his point of view. Culture defies strategy The key is to make your employees happy. Happy employees perform better. To make them happy, you just have to do one important thing as a leader. Listen. Listen. Listen. You can be straight forward, treat them like friends in order to create a great atmosphere. By doing this you are extracting their potential with ease. They come forward with excellent suggestions for the good of the company. Employee experience is all about emotional connect. References. Mindset Shifts For Organizational TransformationCulture and...
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Digital Marketing Strategies for Charities

Digital Marketing Strategies for Charities
Digital marketing is an essential part of any business, but even more so for charities. This blog post will explore some ways you can use digital marketing to maximise your fundraising efforts by leveraging several effective digital marketing strategies. Who is your audience? Before you begin with anything else, you need to know who your audience is. What do they want? What questions do they have? How can your charity help them, and what will resonate most with their experience and needs? Once you know these things, then it’s just a matter of creating content that addresses those specific issues and concerns. Marketing agencies such as Eleven Marketing can be useful in this sense because they can help you get the most out of your budget to really reach the people you are trying to reach. This is useful because not only is budget often a constraint when it comes to raising awareness of your brand but spending your money in the most effective way possible can be difficult if you don’t know what you’re looking for. Get to the root of your cause It’s easy to think of reasons why you and your team should be passionate about your cause, but do those same people who will be donating share that passion? If not, then why should they care? What is it exactly about your cause that makes it something worth donating time and money to rather than another charity? Make sure you’re always asking yourself these questions so that you know what to focus your marketing efforts on. One of the best ways to leverage digital marketing is through storytelling.  You can use storytelling in a variety of different ways – especially when it comes to getting fans involved with their favourite causes. You can also do this by leveraging influencers, sharing stories about people who donate, or by creating a story and sharing it.  All of these methods can draw in your audience and create a closer connection between your charity and the people who support you. Positive social media engagement Social media is essentially an endless hive of buzzing activity. It’s also a place where your brand can be seen by potential donors and, more importantly, by those who already support you. The question is, how do you make the most use out of social media? What kind of content should you share that will actually get people engaged with your charity? One of the most popular ways for charities to use social media is by sharing positive or inspirational stories. People are much more likely to share positive content with others because it leads to them feeling good about themselves. If you can create a digital marketing strategy that aligns with this mindset, people are far more likely to share your information and spread the word about your cause. Build a useful website Another effective digital marketing strategy you can use is building a useful website that provides people with the information they need to know. It’s like having your own personal assistant that’s always available and ready to answer questions 24/7. So, what kind of content should you be sharing? It’s best to stick with articles about specific things people will be looking for when they visit your website. For example, if you’re a cancer charity, then you can post information about symptoms of cancer or how to find a specialist close...
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4 SEO Mistakes You’re Probably Making

4 SEO Mistakes You’re Probably Making
Search Engine Optimisation (or SEO) is the backbone of internet traffic. Well-implemented SEO helps Google search engines to correctly classify and rank your website. This, in turn, means that you’ll appear higher in relevant searches, increasing traffic and visibility. Many of the practices associated with SEO are well known, but mistakes are just as common and can have a detrimental effect on your site’s performance. #1 Keyword stuffing Keywords are important. They help Google to classify your site correctly, ensuring that it appears high in relevant searches. Keyword stuffing, on the other hand, is bad. Properly optimized content will contain two or three highly relevant keywords, dispersed and occurring naturally throughout the text. Stuffed content will contain tens and, in some cases, even hundreds of keywords crammed into the text without context. Not only does keyword stuffing affect the readability of content, but it’s a sure-fire way to get yourself flagged as a spammer. Some content producers struggle in this area, so it’s useful to hire SEO specialists like https://www.altagency.co.uk/services/digital-marketing/seo/ . They’ll find the best keywords for your site and ensure that those keywords are implemented correctly, avoiding overkill. #2 Bad linking Links are contagious. A good backlinking profile that includes links to relevant, high-quality sites will see your own content classified in the same way. Links to low-quality spammy sites (or hundreds of irrelevant links scattered across your content) tell Google that you’re a spammer too. This, of course, leads to a poorer ranking and decreased traffic. Keep your links as relevant as possible, and always link to authority sites like newspapers and specialist websites. Not only does this ensure value for your readers, but it lets Google know that you’re focussed on informative content. Remember that value is key. Give your readers information they can use (in the form of good content and good linking), and traffic will naturally follow. #3 Neglecting mobile traffic Mobile traffic now represents a vast portion of all internet usage, and search engines know this. Sites optimized to perform well on mobile will inevitably and invariably rank higher in results. Sites appear differently on mobile and tablet than they do on desktop, and it can be difficult to manually optimize for every platform. Fortunately, responsive themes make the process much simpler. Responsive themes do just that: they respond to the device they’re being viewed on. They’ll adjust how your site appears between mobiles, tablets, and desktops, ensuring that it functions perfectly across them all. #4 Duplicate content While there’s nothing wrong with writing content around a similar theme, duplicating the same material will eventually see you penalized by Google. Search engines and their users want fresh, new content. Simply taking an old article and rewording it slightly won’t be enough to fool them. Worse still, avoid so-called content recycling software that promises to automatically rework previous posts so that they appear new. Search engine algorithms are extremely advanced. They can tell the difference between new and old content, and they categorize websites...
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