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Welcome to the Entrepreneurs Newsletter If you're a business owner that wants to stay up to date but doesn't have the time to search and sort through articles. This newsletter is for you.
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This week in the Entrepreneurs Newsletter
This week. I'm sourcing articles on building your business's brand awareness and how to differentiate yourself from your competitors.
As I continue to gather feedback from readers to answer the questions that you have for your businesses. If you have questions or topics that you would like to have covered simply reply to this email.
For those that like to skim for relevant articles of interest. Here is a list of what you can expect to see.
- How to forecast your advertising budget cost
- Split test your way to better results with your advertising campaigns
- Differentiate yourself as a business or disappear
- How to write brand stories that drive conversions
- What you should look for when choosing your Shopify Theme
- How to rank higher in the Instagram algorithm
- How to get buy-in from the top of the funnel website visitors that lead to sales
Featured in this week's "Questions you should be asking as a business owner". I take a look at pricing for your product and services. What to think about when looking at your pricing structure and new products/services.
Questions Business Owner Are Asking
Would you rather sell a $10 product 100 times or a $1000 product once?
This is a question that you should be able to answer in order to lay the foundation for your business. Your path to growth and longevity.
The easy answer to most when asked this question is $1,000. However, there are factors to consider when making the choice of pricing for your product/service.
Are you in a stage of your business where you can afford to have a longer sales process? If yes then continue with looking at higher ticketed pricing.
If you need the sales to cover the business expenses that you're paying out of pocket. You may want to consider going for volume and referrals over one-off sales.
One of the things that I review with the clients that I partner with on projects and pricing strategies. Where are you now and how can we get you to where you want to be?
You're not locked into a pricing structure or way of doing business. You are allowed to evolve. In fact, it's mandatory to have success and longevity in business. There will be times where adjustments have to be made and you pivot as a business.
Evaluate where you are and what will allow you to run your business now. Plan for how you can implement new products & services in phases that will allow you to grow. This is something that existing customers not only come to appreciate and expect. It is something they'll see the value in and be willing to pay more for because they're familiar with your business and the level of support provided.
Food for thought. If you have any questions or want to talk through this further you can book a free consultation
I'll also go into more depth in an upcoming blog article discussing the brand strategies attached and how to apply them to your business.