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210302 Pricing Strategy Masterclass
Having an excellent product or service is only half the battle. The other half is the price, and it is crucial: on average, 75% of new products/services fail to reach their revenue targets due to poor pricing strategy. Pricing is even more complicated now as COVID-19 has had a disparate impact on different sectors, some fairing better than others. We have seen office space plummet in value, yet residential properties continue to rise. Therefore, the services these sectors require and their willingness to pay for them has changed dramatically. Companies must re-evaluate their propositions in light of this.
And yet, companies do not give sufficient airtime to pricing. The average start-up spends just 6 hours deciding how much they will charge for their service. Too many products/services fall into pitfalls and end up feature heavy, overpriced, or fail to solve customer needs.
This session will be led and facilitated by Future Factory, this session will cover the four main reasons for pricing failure and critical strategies to avoid them. Future Factory have been on their own journey to determine their pricing strategy and the masterclass will include using their case study, sharing their insights from the journey they have been on.