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Pricing Trends for Small Businesses in 2024
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Do you know what pricing trends to expect in 2024?
As we begin the new year, it’s a good time to take a look at what’s been happening and where things are headed.
People often mistake pricing as a “one-and-done” activity. The reality is that if your prices aren’t changing, then you’re no longer aligned with the market. Meaning you’re under or over priced. The consequences of that are many, most remarkably lower sales and profits. Ouch!
That’s no way to start a new year.
To avoid finding yourself in this situation, take a step back and look at where things are in the world – in your market, in your business, and in your pricing. To help you with that, I’ve put together some research and my own insights to help you get started. Let’s kick the year off with a look at Pricing Trends for 2024.
In This Episode:
In the past few years, we have seen a lot of fast-paced change.
As you consider your pricing strategy and what to do it’s good to take a look at where have things landed and what does it mean in terms of how people behave when they make purchases. That’s where we start our discussion, with a look at the “state of affairs”.
Then we turn towards upcoming trends in pricing, as an indication of what you might expect in the year to come. And last, my recommendations on what you might focus your attention to get ahead.
Enjoy the episode.
Podcast Highlights
- 0:00 Intro
- 2:08 2024 Preview
- 5:27 Navigating Global Trends
- 8:34 Pricing Amidst Market Shifts
- 12:21 Beyond Price Wars
- 14:56 Pricing Trends
- 23:38 Strategic Pricing in 2024
- 26:37 Wrapping it Up
Episode Links:
NIQ 2023 Mid Year Outlook Survey: https://nielseniq.com/global/en/insights/analysis/2023/5-cost-of-living-trends-to-know/
Check out the next Price Point Event full details at: https://thepricinglady.com/thepricepoint
The next cohort of The Fair Price Formula Part 1 - Price Setting starts January 26th. Register at www.thepricinglady.com/setmyprices
The Customer Compass (previously the Customer Value Challenge) is coming in February.
The next Pop-Up Pricing Masterclass is on March 5th and we'll be focusing on Understanding Profit. https://thepricinglady.thrivecart.com/profit-mc/
Don't go yet. If you're enjoying the show please rate and review. It helps us spread the word to more people and ultimately get more small businesses on the path to sustainable profitability and business success. Thanks for Listening.
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Reach Out, Connect or Book a Call with Janene
Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the the self assessment Pricing Scorecard (www.thepricinglady.com/pricing-scorecard). Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.
Get in touch with Janene. If you’ve got a question that needs answering, a challenge you’re facing or you have suggestions for future topics or guests, let me know. Contact Janene (https://thepricinglady.com/contact/)
Transform your business and life. My business is about helping you build a better business. One that’s profitable and where you can confidently charge for the value you deliver. Let’s see how we can work together.
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