Pricing is often considered a sales strategy, but price absolutely matters in your horse business marketing too. In this episode, you’ll learn 3 reasons price matters in your marketing as well as 4 key areas you should consider as you set or evaluable your pricing strategy.
Welcome to the show notes! Remember, this is a brief summary from the How to Market Your Horse Business podcast. You'll want to listen to the entire episode for all the good stuff!
As an equestrian business owner, you’re the decision maker when it comes to pricing your products and services.
But, how do you decide if your products and services are priced right?
Who defines what’s right for you? And, when should you adjust your prices?
Pricing is often considered a sales strategy, but price absolutely matters in your marketing too.
3 Reasons Price Matters In Your Marketing
Your price acts as a filter. You aren’t for everyone. A $7,000 custom show saddle isn’t going to be a fit for the everyday horse person riding trail rides on the weekend. And, that’s okay! With this filter, you can know your messaging is meant for the right person.
Your price communicates an expectation to your customers. Generally speaking, higher prices invite high expectations. The flip is true for lower prices—lower expectations.
Your price is a piece of the experience you’re providing customers. For example, a higher ticket item may be a more custom or personal experience than a lower ticket item—and that is all part of your customer journey.
So, how do you know if you have the right price?
There are plenty of detailed studies, books, and sales strategies that evaluate price, and you know I’m a fan of ongoing learning. For this episode, I’ve put together four key areas you should keep top of mind as you put together your pricing strategy.
4 Components of A Profitable Pricing Strategy
Profit You need to know your numbers. That means knowing your profit margin for each product and service, not just the bottom line at the end of the year because you need a number for taxes. Also, keep all expenses in mind, including overhead and long-term planning.
People Know who you are trying to sell to, especially what they value most as it relates to your products and services. Value is subjective, and it depends on who you’re talking to.
Place Your physical location, the market you serve, and the niche you specialize in will all influence your pricing strategy.
Priority Your personal and business priorities as well as your business and financial goals should be the driving force as you evaluate pricing.
Your money mindset is another essential piece of setting prices as an equestrian business owner—so much so that we’re saving that topic for another episode!
Of course, you'll want to listen to the full episode to dig into each of the insights I shared and discover how you can apply each one in your horse business!
Links Mentioned In This Episode
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