What is the best way to set the price of a product or service? What are the things to keep in mind? Most business owners who are not quite sure what to do will simply use their competitors’ prices and prices below or above. The question to ask yourself is, how could you know that your pricing strategy is correct?
Let’s take a look at the factors you need to consider when pricing. First, you need to determine your pricing goals. Basically it defines what we want to achieve. There are 3 price targets to consider.
1. Income-oriented pricing
Set a price that will maximize revenue from the target market. For example, if your daycare offers something that other daycare centers cannot offer, such as a particular curriculum, you may want to consider this goal.
2. Prices oriented to operations
It seeks to balance supply and demand. Enter cheaper prices during calm periods (or when demand is low) and increase prices during peak periods (when demand is highest). For example, during the holiday season, when parents do not send their children, they may offer short courses / electives.
3. Target market prices
Use different prices for different target markets. For example, you can offer parents who place more than one child in their daycare a discount for parents who only place one child in their center.
Next, you need to think about the pricing strategy you intend to adopt. The pricing strategy defines how you will achieve your goal. There are 3 different strategies that you can adopt.
to. Market scheme
Do you think your daycare or its services generate added value? Do you think your customers will be able to pay it? Are you the only or selected daycare center that offers it? If your answer is yes, then you may want to consider skimming the market. Basically it involves charging the highest possible price. You will need to decide if what you are offering is something the customer values. For example, you are offering a particular curriculum that other daycare centers do not offer, and you believe that this value-added curriculum is something your client will be willing to pay for. Or its downtown is the only downtown area that closes at 8 p.m. And it’s something that you think your customer values and is willing to pay. Charging a higher price will also mean that you must communicate this to your potential customer through effective promotional means.
yes. Market penetration
If there are multiple daycare centers and you all offer basically the same curriculum or services, then you should consider penetration pricing. Basically it means keeping the price low to gain more market share.
C. Price adaptation
The last and most complicated strategy is price adaptation. You are offering different prices to different target markets. For example, parents who place 2 or more children in their daycare are offered a discount. But what happens when one of the siblings reaches school age? It can be difficult to return to the higher price.
Pricing strategies are something that affects many business owners. While lower prices may mean greater chances of increasing recruitment, lower prices may mean that you must cut back on some luxuries, such as quality meals or a curriculum, which could affect your nursery image. Therefore, it is important to think very carefully before setting a price because, in most cases, it will be difficult to reverse that decision.
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