78. Pricing & Packaging Done Right: P&P Solocast #2

Pricing & Packaging (P&P) doesn’t need to be complex, but it does need to be purposeful.

Does your pricing and packaging strategy entice new customers, retain loyal customers, and topple competitors? If not, how could you implement a P&P structure to do so?

In this solocast, Jim Barnish identifies three keys for executing a pricing and packaging strategy to perfection:

• Set a Strategy: Like other areas of your business, you should be purposeful in setting your vision for what pricing and packaging means for your organization and what your goals are for this strategy.
• Validate Your Ideas With Research: Customer research is essential to understand their needs and preferences, which should be the core of any pricing and packaging strategy. Additionally, market research and competitive analysis also plays a crucial role because it allows you to communicate value to the market and position your product in its sweet spot.
• Different Customers Require Different Approaches: When implementing an overhaul of your pricing and packaging strategy, it’s beneficial to group your customers into two groups: new customers and old customers. New customers are unaware of your historical prices, however, existing customers might resist changes in pricing and packaging, so a well-planned transition with over-communication, transparency, and customer support is crucial.

Listen to Jim’s Other Solocast About Pricing & Packaging

This episode is Jim’s second solocast about pricing. Here’s his first episode: https://www.orchid.black/podcast/72

In that episode, he talks about value-based pricing, packaging challenges, and understanding the competitive landscape when it comes to pricing and packaging.

About The Dirt Podcast

The Dirt is about getting real with businesses about the true state of their companies and going clear down to the dirt in solving their core needs as a business. Dive deep with your host Jim Barnish as we uncover The Dirt with some of the world's leading brands.

If you love what you are getting out of our show please subscribe.

For more information on how we dig into the dirt check out our other episodes here: https://www.orchid.black/podcast

About Our Company

Orchid Black is a new kind of growth services firm. We partner with tech-forward companies to build smarter, better, game-changing businesses.

Website: https://www.orchid.black

LinkedIn: https://www.linkedin.com/company/orchidblack/

YouTube: https://www.youtube.com/@OrchidBlack

All contents of this show are rights of Orchid Black©️ and are not to be used unless authorized by written consent.