{"id":1583,"date":"2020-11-25T09:30:00","date_gmt":"2020-11-25T09:30:00","guid":{"rendered":"https:\/\/blog.kylas.io\/?p=1583"},"modified":"2023-04-24T10:18:52","modified_gmt":"2023-04-24T04:48:52","slug":"small-business-growth-pricing-strategy","status":"publish","type":"post","link":"https:\/\/kylas.io\/en\/business-growth\/small-business-growth-pricing-strategy","title":{"rendered":"How to Choose the Best Pricing Strategy for Your Small Business?"},"content":{"rendered":"\n<p><style>\n@media only screen and (max-width: 700px){\n.img-full-mob{\nwidth:100% !important;\nheight:100% !important;\n}\n}\n<\/style><\/p>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">The successful launch of new products\/services is critical for any small business growth.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\"><a href=\"https:\/\/kylas.io\/business-growth\/common-small-business-challenges-resolve\" target=\"_blank\" rel=\"noreferrer noopener\"><u>Small businesses face greater challenges<\/u><\/a> in terms of pricing strategy because there\u2019s usually a tough balance to strike between market share and <span style=\"text-decoration: underline;\"><a href=\"https:\/\/kylas.io\/leadership-growth\/small-business-marketing-building-a-brand\/\" target=\"_blank\" rel=\"noreferrer noopener\"><u>branding<\/u><\/a><\/span>.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">If you\u2019re launching a value-driven product, you\u2019d want to go low on price \u2013 <em>but how low is too low for your margins and your brand? It\u2019s usually the same with luxury products too \u2013 how high is too high for the market and your brand?<\/em><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Luckily, there are a <em>lot<\/em> <em>of experts <\/em>who have been there and done that. There\u2019s plenty of information out there on competitive pricing strategies that have been developed and refined over many, many years and plenty of learnings. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">What we\u2019re here to do today is get you a one-stop guide that tells you, at a glance, the 7 best pricing strategies we\u2019ve seen work.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Let\u2019s start with the basics.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-ht-block-toc  is-style-outline htoc htoc--position-wide toc-list-style-plain\" data-htoc-state=\"expanded\"><span class=\"htoc__title\"><span class=\"ht_toc_title\"><strong>The 7 Best Pricing Strategies for Growing Businesses<\/strong><\/span><span class=\"htoc__toggle\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"16\"><g fill=\"#444\"><path d=\"M15 7H1c-.6 0-1 .4-1 1s.4 1 1 1h14c.6 0 1-.4 1-1s-.4-1-1-1z\"><\/path><path d=\"M15 1H1c-.6 0-1 .4-1 1s.4 1 1 1h14c.6 0 1-.4 1-1s-.4-1-1-1zM15 13H1c-.6 0-1 .4-1 1s.4 1 1 1h14c.6 0 1-.4 1-1s-.4-1-1-1z\"><\/path><\/g><\/svg><\/span><\/span><div class=\"htoc__itemswrap\"><ul class=\"ht_toc_list\"><li class=\"\"><a href=\"#htoc-why-does-small-business-growth-need-a-robust-pricing-strategy\">Why Does Small Business Growth Need a Robust Pricing Strategy?<\/a><ul class=\"ht_toc_child_list\"><li class=\"\"><a href=\"#htoc-pricing-strategy-1-cost-plus-pricing\">1. Cost-Plus Pricing<\/a><\/li><li class=\"\"><a href=\"#htoc-pricing-strategy-2-competitor-based-pricing\">2. Competitor-Based Pricing<\/a><\/li><li class=\"\"><a href=\"#htoc-pricing-strategy-3-bundled-pricing\">3. Bundled Pricing<\/a><\/li><li class=\"\"><a href=\"#htoc-pricing-strategy-4-prestige-pricing\">4. Prestige Pricing<\/a><\/li><li class=\"\"><a href=\"#htoc-pricing-strategy-5-tiered-pricing\">5. Tiered Pricing <\/a><\/li><li class=\"\"><a href=\"#htoc-pricing-strategy-6-freemium-pricing\">6. Freemium Pricing<\/a><\/li><li class=\"\"><a href=\"#htoc-pricing-strategy-7-psychological-pricing\">7. Psychological Pricing<\/a><\/li><\/ul><\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-why-does-small-business-growth-need-a-robust-pricing-strategy\">Why Does Small Business Growth Need a Robust Pricing Strategy?<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>\u201c<em>The moment you make a mistake in pricing, you\u2019re eating into your reputation or your profits.<\/em>\u201d<\/p><p><a href=\"https:\/\/www.oreilly.com\/library\/view\/pricing-and-profitability\/9780470827055\/chapter01.html\" target=\"_blank\" rel=\"noreferrer noopener\">Katherine Paine<\/a>, News Group<\/p><\/blockquote><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">The price of your product or service doesn\u2019t only define the value you\u2019ll receive in exchange for your effort. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">It defines the way your customers view your product and the value your consumers see in your product \u2013 that is the primary reason why your pricing can basically make or break your brand.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Several pricing strategies have evolved over the years, as experts and founders make their way across newer ways to create a framework that\u2019s both logical for the company and psychologically impactful for the customer.<\/p>\n\n\n\n<p class=\"has-white-color has-text-color\">.<\/p>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">These strategies are what we will detail today.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\"><strong>Our advice:<\/strong> Learn from the experts. The strategies we\u2019ll share here have been devised with plenty of trials and errors, and if you can pick one up and apply it to your brand as is, there\u2019s nothing like it. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">When it doesn\u2019t fit cookie-cutter-like into your brand, feel free to simply pick up on the theory of one strategy and then make your own way forward from there.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-pricing-strategy-1-cost-plus-pricing\" style=\"font-size:22px;line-height:1.6\">1. Cost-Plus Pricing<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">This is the most basic pricing strategy and the most commonly used among small business owners who aren\u2019t planning on putting too much thought into brand and value. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Cost-plus pricing for small businesses is exactly as it sounds: you calculate the cost of producing your product or offering and then add a margin to it for the amount of profit you want to make.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Is there a particular recommended amount of margin? Not really, though we imagine you don\u2019t want to go completely off the books in terms of what your competitors offer. <\/p>\n\n\n\n<p class=\"has-white-color has-text-color\">.<\/p>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">That\u2019s the uniqueness of this strategy though \u2013 <em>you don\u2019t need<\/em> to take into account competitors who might follow the same. You can slap on a percentage margin out of thin air.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background\" style=\"background-color:#e7f5fe\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\"><strong>Pros<\/strong><\/th><th class=\"has-text-align-center\" data-align=\"center\"><strong>Cons<\/strong><\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">It\u2019s one of the easiest pricing strategies to implement. All you really need is a great mathematical and analytical approach to calculate costs accurately.<br><br><br><\/td><td class=\"has-text-align-center\" data-align=\"center\">Does it work? Not always. If you haven\u2019t calculated costs properly, you\u2019ll find the cost of your product constantly extending or fluctuating.<br><br>You\u2019ll also find that you might not meet your target margins because this strategy doesn\u2019t take into account consumer perception.<\/td><\/tr><\/tbody><\/table><figcaption>Pros and Cons of Cost Plus Pricing<\/figcaption><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-pricing-strategy-2-competitor-based-pricing\" style=\"font-size:22px;line-height:1.6\">2. Competitor-Based Pricing<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\"><em>What do you do when the market you\u2019re entering is quite crowded already?<\/em> <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">We\u2019re sure you\u2019ve thought of some great brand differentiators and unique value propositions. However, the competitive pricing strategy is still going to be a tough nut to crack. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">In a crowded market, your pricing ends up being determined more by the competitors\u2019 pricing rather than the margin you would like to make.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">The only way around this is if your product somehow puts you in a league above your competitors. If your customers can see that your product is miles ahead of competitors, you\u2019ll find an audience willing to pay you a premium even in a crowded market. <\/p>\n\n\n\n<p class=\"has-white-color has-text-color\">.<\/p>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">If, however, <em>you\u2019re not visibly different <\/em>from the current players, your pricing must be in the same ballpark as theirs.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#e7f5fe\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\"><strong>Pros<\/strong><\/th><th class=\"has-text-align-center\" data-align=\"center\"><strong>Cons<\/strong><\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">This strategy helps you place your brand a little more advantageously in the market and stay fluid with your pricing<br><br><\/td><td class=\"has-text-align-center\" data-align=\"center\">Because your prices are being determined by the averages in the market, you\u2019re not necessarily able to offer customers a big price advantage \u2013 in fact, your margins are also limited by the competition.<\/td><\/tr><\/tbody><\/table><figcaption>Pros and Cons Competitor-Based Pricing <\/figcaption><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-pricing-strategy-3-bundled-pricing\" style=\"font-size:22px;line-height:1.6\">3. Bundled Pricing<\/h3>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">\u2018Bundle\u2019 is a common term in the consumer world \u2013 one everyone is used to seeing in supermarkets, e-commerce stores, and among B2B software providers too. <\/p>\n\n\n\n<p class=\"has-white-color has-text-color\">.<\/p>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">As a seller, you should know that bundles usually work in your favor. There is even evidence proposing that the <a href=\"https:\/\/link.springer.com\/article\/10.1007\/s41464-020-00082-2\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">framing of bundles can motivate your buyer to make a purchase<\/a>. <\/p>\n\n\n\n<p class=\"has-white-color has-text-color\">.<\/p>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">When using bundled pricing for greater customer value, you group together two or more of your products\/services and offer them at a discount. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">This makes consumers feel like they\u2019ve gained a great deal. As a result, you <a href=\"https:\/\/kylas.io\/sales-effectiveness\/sales-techniques-consultative-selling\" target=\"_blank\" rel=\"noreferrer noopener\"><u>sell more<\/u><\/a> products and have customers try more products at a time. Thus, leading to a much higher Customer Lifetime Value.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">To get the best out of this strategy, you can even allow your customers to choose the products they want to add to a bundle (and you can offer a limited selection here) or offer pre-designed bundles based on what you think customers like.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#e7f5fe\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\"><strong>Pros<\/strong><\/th><th class=\"has-text-align-center\" data-align=\"center\"><strong>Cons<\/strong><\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">You can gain favor with customers while increasing your long-term sales. Bundles are also a great way to attract new customers.<br><\/td><td class=\"has-text-align-center\" data-align=\"center\">This usually can\u2019t be a primary pricing strategy (it really depends on your offering) \u2013 and not necessarily a long-term one either, based on your product or service.<\/td><\/tr><\/tbody><\/table><figcaption>Pros and Cons of Bundled Pricing<\/figcaption><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-pricing-strategy-4-prestige-pricing\" style=\"font-size:22px;line-height:1.6\">4. Prestige Pricing<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">You\u2019ve probably heard of this one or subscribed to it yourself. A Prestige pricing strategy is one where companies price their products\/services higher than market value to give the impression of better quality. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">The pricing is attributed more to the brand image than it is to the actual cost, leading to higher margins for you and a positive self-image for an exclusive niche clientele that\u2019s willing to shell out top dollar.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">What do customers get out of this higher pricing? Quite literally, the prestige. In fact, a 2021 report from PWC states that consumers are <a href=\"https:\/\/www.pwc.com\/us\/en\/advisory-services\/publications\/consumer-intelligence-series\/pwc-consumer-intelligence-series-customer-experience.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><u>willing to pay a price premium of up to 13% (highest 18 %) for luxury and indulgence<\/u><\/a> services.  <\/p>\n\n\n\n<p class=\"has-white-color has-text-color\">.<\/p>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Think of how designer brands or brands like Dyson &amp; Apple can get away with charging much higher prices \u2013 it&#8217;s because using these products gives customers the satisfaction of having a particular image.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Of course, the quality needs to match the perception of luxury too and you\u2019ll find the two brands we mention tend to be leagues ahead of competitors.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">For <a href=\"https:\/\/kylas.io\/business-growth\/innovation-budget-possible-small-business-growth\" target=\"_blank\" rel=\"noreferrer noopener\"><u>the growth of small businesses<\/u><\/a>, the ideal way for you to employ prestige pricing is to create a premium image for your brand in the market, right off the bat. This is not a strategy where you start small and then go big.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background\" style=\"background-color:#e7f5fe\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\"><strong>Pros<\/strong><\/th><th class=\"has-text-align-center\" data-align=\"center\"><strong>Cons<\/strong><\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">The margins are much higher and you know exactly who your audience is.<\/td><td class=\"has-text-align-center\" data-align=\"center\">Your target audience is a niche one and you\u2019ll have to invest in creating and maintaining brand image.<\/td><\/tr><\/tbody><\/table><figcaption>Pros and Cons of Prestige Pricing <\/figcaption><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-pricing-strategy-5-tiered-pricing\" style=\"font-size:22px;line-height:1.6\">5. Tiered Pricing <\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">This one is commonly adopted among SaaS companies. A tiered pricing strategy is one where you have different price ranges for different types of customers. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">In this strategy, the price increases in tiers are based on either the number of users or the amount of usage. Companies usually offer a corresponding number of features and access also with each tier.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">The idea is that individual, low-engagement customers fall into the first tier (because they need lower pricing and supposedly lesser features), and you move on until you have enterprise customers in the 3rd or 4th tier, being charged the highest amount with all available features.<\/p>\n\n\n\n<p class=\"has-white-color has-text-color\">.<\/p>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">However, you need to conduct consumer research for each segment that tells you where to price your product. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\"><em>What should the average price be, what\u2019s too expensive and what dilutes the brand? <\/em><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Calculate your margins for each customer segment and consider your cost &amp; competition as well, before settling on the tiers.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background\" style=\"background-color:#e7f5fe\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">Pros<\/th><th class=\"has-text-align-center\" data-align=\"center\">Cons<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">You can cater to different audiences and increase your product adoption.<\/td><td class=\"has-text-align-center\" data-align=\"center\">You could create a bit of confusion for small business owners who aren\u2019t yet certain where their needs lie, and how they should strike the right balance between a lower price &amp; plenty of features.<\/td><\/tr><\/tbody><\/table><figcaption>Pros and Cons of Tiered Pricing <\/figcaption><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-pricing-strategy-6-freemium-pricing\" style=\"font-size:22px;line-height:1.6\">6. Freemium Pricing<\/h3>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">This is another one that\u2019s quite common for SaaS companies these days. <\/p>\n\n\n\n<p class=\"has-white-color has-text-color\">.<\/p>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">The idea is that you offer a base version of your product for free \u2013 meaning with limited features \u2013 in the hope that your customers will love the product and upgrade to use more features.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">You need to put significant thought into whether this pricing strategy works well for your target audience. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\"><em><strong>Are they likely to be resistant to trying your product? How much are they willing to pay for the premium version?<\/strong><\/em><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Also, being a SaaS company doesn\u2019t automatically make this the right pricing strategy for you. Freemium is more complex than it sounds, mainly because you can\u2019t always predict customer behavior.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#e7f5fe\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">Pros<\/th><th class=\"has-text-align-center\" data-align=\"center\">Cons<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">This strategy is great for widening the top of your funnel.<\/td><td class=\"has-text-align-center\" data-align=\"center\">If your customers aren\u2019t engaged, you won\u2019t be able to get them to upgrade.<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">People are extremely open to trying a great-looking product with a free version, so you\u2019ll find that your lead generation goals and freemium download goals will most likely be met quite easily.<br><\/td><td class=\"has-text-align-center\" data-align=\"center\">With software, a certain number of users who have signed on simply don\u2019t end up using it, and many of them only use some features.<br><br><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">If you want to simply get a lot of people to try your product, this works.<\/td><td class=\"has-text-align-center\" data-align=\"center\">This is a positive for you when you\u2019ve charged them a price \u2013 when the product they&#8217;re using is free, not so much.<\/td><\/tr><\/tbody><\/table><figcaption>Pros and Cons of Freemium Pricing<\/figcaption><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-pricing-strategy-7-psychological-pricing\" style=\"font-size:22px;line-height:1.6\">7. Psychological Pricing<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">This is more of a pricing representation than it is an entire pricing strategy. It doesn\u2018t tell you what your product\/service should be priced at, just how to represent it. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">There are a few ways to do this:<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"has-vivid-cyan-blue-color has-text-color has-medium-font-size wp-block-heading\" id=\"htoc-charm-pricing\" style=\"line-height:1.6\">1. <strong>Charm Pricing<\/strong><\/h4>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">You might have heard of the approach where you price your products ending with a \u201c.99\u201d rather than a \u201c0\u201d &#8211; for example, $2.99. <\/p>\n\n\n\n<p class=\"has-white-color has-text-color has-medium-font-size\">.<\/p>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">This is called charm pricing, it is a very popular psychological pricing technique that is based on the fact that customers tend to read these numbers for their smaller value like &#8220;$2&#8221; in this case rather than the accurate value of \u201c$3\u201d. <\/p>\n\n\n\n<p class=\"has-white-color has-text-color\">.<\/p>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">This approach is great when you want your product to scream \u2018value\u2019 &#8211; customers now directly associate this sort of pricing representation as an indication of value.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">The opposite has also come to be true. Ending your product with a \u201c0\u201d now tells customers that you offer a premium product of premium quality \u2013 for example, saying \u201c$30\u201d rather than \u201c29.99\u201d.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"has-vivid-cyan-blue-color has-text-color has-medium-font-size wp-block-heading\" id=\"htoc-scarcity-or-fomo-pricing\" style=\"line-height:1.6\">2. <strong>Scarcity or FOMO Pricing<\/strong><\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">This is when you literally create the \u201cFear Of Missing Out\u201d among customers, with flash sales and quick offers. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">FOMO pricing gives your customer the impression that the pricing is a limited-period opportunity that can\u2019t be missed.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"has-vivid-cyan-blue-color has-text-color has-medium-font-size wp-block-heading\" id=\"htoc-shortened-pricing\" style=\"line-height:1.6\">3. Shortened Pricing<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Rather than using multiple digits to denote your price, you keep it short &amp; simple \u2013 just 30 or 9 (not even a dollar sign). The psychology behind this is that since customers have to read fewer numerals, the impact of the price is much lesser.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"has-vivid-cyan-blue-color has-text-color has-medium-font-size wp-block-heading\" id=\"htoc-pricing-placement\" style=\"line-height:1.6\">4. Pricing Placement<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Always place your prices in a way that customers tend to see them after the product has already caught their eye. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">When customers see pricing first, they approach the purchase with a logical mindset &#8211; <em>\u201cI don\u2019t want to spend so much\u201d<\/em>. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">When they get tempted by a product first, however, they tend to find a way to justify the price.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Let\u2019s look at the pros and cons of psychological pricing.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background\" style=\"background-color:#e7f5fe\"><thead><tr><th>Pros<\/th><th>Cons<\/th><\/tr><\/thead><tbody><tr><td>You can subtly influence customer behavior without it seeming underhanded or really influencing your brand in any negative way.<br><br>Just make sure that the tactics you use are always in line with your brand image and your customer preferences.<\/td><td>None, really! As long as you implement these tactics with care, you\u2019re all good to go.<\/td><\/tr><\/tbody><\/table><figcaption>Pros and Cons of Psychological Pricing <\/figcaption><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">And that concludes our list of must-know pricing strategies! <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">We\u2019ve seen these 7 strategies work and find them ideal for growing companies, so feel free to comfortably choose from these. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"ub-styled-box ub-notification-box\" id=\"ub-styled-box-70e79df4-9167-42e6-a6d5-7a19c96a33c1\">\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\"><strong>The case with Kylas: <\/strong>Also, while we are on the topic of discussing the various pricing plans visible in the market, we would like to share our thinking behind Kylas pricing. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">We strongly believe in adding value to our customers with a great feature set and making it accessible too!<\/p>\n\n\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Most <a href=\"https:\/\/kylas.io\/sales-effectiveness\/small-businesses-need-sales-crm-software\" target=\"_blank\" rel=\"noreferrer noopener\"><u>sales CRM <\/u><\/a>software offers confusing pricing plans with multiple variations and support options for each. Investing in a CRM is not a small decision as it will be a recurring cost for any business.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Most <a href=\"https:\/\/kylas.io\/sales-effectiveness\/small-businesses-need-sales-crm-software\" target=\"_blank\" rel=\"noreferrer noopener\"><u>CRM tools<\/u><\/a> come with a per-user cost; so, as the team size increases, growing businesses, have to shell out increasing amounts toward the license cost. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">As a result of which, small business owners decide to restrict the number of users\/licenses and only a few members of the organization can access the tool. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">This results in a lack of collaboration as most team members don&#8217;t have access to the data and conversations happening on the tool.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\"><a href=\"https:\/\/kylas.io\/pricing\" target=\"_blank\" rel=\"noreferrer noopener\">Kylas sales CRM software<\/a> comes at a fixed cost of only INR 12,999\/month and provides unlimited access to all features. Say you have 20 users on the platform, which comes to INR 649.95\/month per user or just INR 7799.4\/year per user. <\/p>\n\n\n\n<p class=\"has-white-color has-text-color\">.<\/p>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Unlike other CRMs, Kylas is designed for small business growth, so no matter how many users you bring to the platform, you end up paying the same. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">Moreover, from a cost perspective, the more users you bring to Kylas, the more the <a href=\"https:\/\/www.kylas.io\/pricing\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">CRM price<\/span><\/a> per user becomes much more affordable.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\">If you have any questions about any of these strategies or otherwise, feel free to reach out in the comments section below!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The successful launch of new products\/services is critical for any small business growth. Small businesses face greater challenges in terms of pricing strategy because there\u2019s usually a tough balance to strike between market share and branding. If you\u2019re launching a value-driven product, you\u2019d want to go low on price \u2013 but how low is too &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/kylas.io\/en\/business-growth\/small-business-growth-pricing-strategy\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;How to Choose the Best Pricing Strategy for Your Small Business?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":23,"featured_media":8053,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"ub_ctt_via":"","footnotes":""},"categories":[14,16],"tags":[50,52,53],"acf":[],"featured_image_src":"https:\/\/kylas.io\/en\/wp-content\/uploads\/2020\/11\/PB-Banner-Guide-Images-ONLY-4.png","author_info":{"display_name":"Shagun Sharma","author_link":"https:\/\/kylas.io\/en\/author\/shagun"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to choose the Best Pricing Strategy for Small Business?<\/title>\n<meta name=\"description\" content=\"An effective pricing strategy is crucial for your small business growth. 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