The city is well known globally for its celebratory spirit, its real estate and entertainment industries, and its beautiful beaches and warm weather among other things. However, the majority of Miami, and the country, is unaware of the vast startup activity taking place at every corner or even the fact that it recently ranked #2 in startup activity. People outside of the startup ecosystem are not exposed to the stories of success and failures of our local entrepreneurs. How can we fix this? First, let’s examine the 4 elements needed for Miami’s entrepreneurial ecosystem to thrive.
Pricing strategies are vital to the success (or lost opportunity) of your offering, whether it be a product or a service. It is, however, an element with which entrepreneurs struggle the most because of a lack of data or experience to make informed decisions.
Since pricing is one of the factors that will most likely highly impact a firm’s objectives, founders should devote considerable effort into crafting a marketing strategy to gather RELEVANT and INSIGHTFUL data from the RIGHT AUDIENCE in the most efficient way. It is critical to arrive at an optimal pricing strategy before launching to market.
“The moment you make a mistake in pricing, you’re eating into your reputation or your profits.” – Katharine Paine
This article focuses on nine common pricing strategies, the factors that influence them, and some of the potential consequences of each.