While a huge amount of effort is poured into product and sales and marketing, there is much less focus on pricing despite the magnitude of difference it can make.
OzGuild is a platform which allows players and card stores to digitise and see the value of their physical Magic the Gathering card collections.
To help better educate consumers around car servicing and repairs and make pricing more transparent is Gold Coast startup AutoGuru.
GatheredHere is a funeral home comparison website which lists hundreds of funeral services across Australia, allowing customers to view service pricing.
As a startup, you are probably just beginning to look at how you will actually begin to make money from your venture, so it is important that you approach this exercise with clear testing to measure your performance.
One of the most difficult challenges we face as business owners is getting our pricing right. In most cases, we start by under-charging and, over time hopefully arrive at a price point that is more fair for both us and our customers. That being said, raising prices is a challenge and many business owners chose not to do it, simply because they don’t want to rock the boat or turn away potential customers.
My relationship with pricing in my own business has been a rollercoaster over the years, and I’ve come to realise that I’m not alone here. What to charge is always a difficult decision when pricing your services. Do you take a percentage or charge a flat fee? There are so many ways to go about it depending on the industry you’re in and where you sit in the market.
8 months ago, one of my favourite clients came to me because she knew she wasn’t charging enough and wanted to double her prices. We discussed a strategy around this and she went and implemented it (which is why she’s one of my favourite clients).