Hey!
First off, I’m heading to Seattle from 23-26 January.
So if you are in the Seattle area or in Seattle that week, let me know. On Wednesday afternoon and Thursday morning I will be at INTIX with the team from Cover Genius.
The rest of the time, I’ll be around town catching up with friends from my time living in Seattle.
Second, I’m doubling down on market research this year and I’ve been running a little research project on pricing, people’s role in the pricing decision, and where they are struggling.
It is about 60 seconds or less and I’m shooting for 385 responses because that will make it statistically valid.
Last week I shared some ideas on how to price more effectively.
This week, I’m going to run through some quick insights I’ve gained from my pricing survey so far.
First, a lot of folks seem to have their fingers in the pricing pie.
That’s great!
But…
Second, the biggest challenge is that folks don’t understand the true economic value of their product or service.
Third, folks struggle with understanding the market and their place in the market.
What does this tell us?
Number one, a lot of the weekly sales and marketing meetings seem to be getting dragged down because of a lack of understanding of the market.
Second, pricing decisions are made without precision because folks don’t understand their value and they don’t understand their market.
Third, this is problematic because people put a lot of emphasis on the role of pricing in their business’s success.
So far?
71.5% said it was the most important or very important to the success of their business.
Which…I agree with.
Why?
Pricing drives profit.
Price drives perception.
Price helps or hurts your brand.
It is the MVP moment of marketing.
So…let me know what you think about pricing by taking the survey!
Dave