Profit is the engine that drives everything you do, so if you don’t price your creative products correctly you can’t hope to last very long or to build a resilient retail business. Underpricing is a common trend I see afflict budding entrepreneurs and small businesses alike, where various elements, often including a lack of confidence or belief in you and your business, means you start charging less than the market value for your products.
In episode 6 of the Resilient Retail Game Plan, I'll walk you through how you can identify whether you are, indeed, underpricing and then how to use the ‘Value Triangle’ to set a price that’s justified, not only through customer research and feedback but by conveying quality to your customer base and creating desirability in the marketplace.
