Skip to content

Month: September 2023

Smart Pricing Strategies that will Help your Business to Make More Sales

Do you feel as though your business pricing isn’t quite right? Maybe you feel as though you need to make a change because you are losing out to your competition and want to do something about this. Either way, if you take a look below then you will soon be able to make the right changes.

Price Skimming 

Skimming, in terms of business pricing,  involves setting really high prices when you introduce your product and then gradually lowering them as you see new competition hit the market. This type of pricing is best for businesses that are entering an emerging market. It gives you the chance to capitalize on the buzz regarding your business while giving you the chance to undercut competition at a later date. 

Market Penetration Pricing 

Instead of starting with high prices, and slowly lowering them, you will take over a market by undercutting your competition. When you have a reliable customer base, you can then raise your prices. You will have to take a loss up-front here as this will give you the chance to get a strong footing in the market. This is the best way for you to develop a loyal customer base, but it is not for everyone. If you need help with your pricing you can always do a conjoint analysis.

Premium Pricing

Premium pricing is for companies that want to create a high-quality product, and who want to market to high-end individuals. You will need to develop a premium or luxury branding strategy here so you can make sure that you are appealing to the right type of customer. If you have launched your business already then you can experiment with these strategies so you can find out what works best for you.

Economy Pricing

If you adopt economy pricing then this involves targeting customers who want to get things as cheaply as possible, and who want to save as much as possible. Big box stores, including Costco and Walmart, are really good examples here. Adopting this pricing model does depend on your overall costs and the value of your product, so give this some thought if you can.

Bundle Pricing

When sellers pair different products and then sell them for less than they would individually, this is bundle pricing. This pricing method is a very good way to try and move a lot of product in a very short space of time. A good bundle strategy involves getting a lot of profit from high-end items within the bundle, even though a loss is experienced with the low-value items.  If you want to adopt this strategy then you need to make sure that you plan your bundles carefully because it is too easy to lower the price more than you should and then pay for it in terms of your overall profit. 

If you want to make the most out of your pricing strategy then you need to do your research and make sure that you are always taking into account your profit margins.

Five Tips For Training Your Employees Effectively In 2023

As an employer, you want to do what’s best for your employees because it all trickles back down into the success and growth that your business achieves over the course of the year.
Employee training is an important part of maximizing your business growth, which is why it should be a particular focus in 2023. Here are five tips for training your employees effectively this year.

Budget wisely for employee training

Think about how much you have available when it comes to funding your employee training. This varies from one business to another and it’s important to only allocate as much as you can when it comes to employee training.

While employee training is important, it’s not worth it for your business to suffer financially because of allocating too much. Even if you’re presenting one or two employees with a training opportunity once a year, that’s better than nothing at all.

So with that in mind, be careful and selective when it comes to budgeting for employee training.

Set employee expectations

Employee expectations are important to set when it comes to training your employees successfully. Consider what your employees want from the training they receive and whether they have any preferences for the type of training they receive.

For some employees, they might not be as fussed about the type of employee training they get, whereas others are more specific in what they’d like to get from these opportunities. The more you listen to your staff, the more you’ll get out of your employees from training throughout the year.

Offer employees mentors

To help with employee training, one option that might be useful is offering mentors. Mentors are great for helping guide employees and to help them learn more about their role or a role you might want to nurture them to take on in the future.

Think about offering employee mentors where possible to help boost the level of training they’re getting in real-life situations. Rather than just sitting and learning in a classroom, they might find they benefit more from learning from those who are already excelling in the roles or career paths your employee is in.

Invest in a LMS

To help with monitoring and managing employee training processes, it’s worth investing in an LMS. LMS or learning management systems as they’re commonly known, are great for helping track their progress, understanding how much is being allocated to each department, etc.

By using an LMS, you’re going to ensure every employee and every department are getting equal opportunities for training, rather than the budget going back to the same people again and again. It promotes fairness in the business, particularly when it comes to training.

Check up on staff during training

Finally, be sure to check up on staff during their training and to ensure they’re happy with the progress they’re making. Getting feedback on the sessions is useful for understanding how effective or purposeful the training was for those individuals in question. 

These training tips will hopefully train your employees effectively in 2023. Make sure to use these tips to benefit your workforce this year.