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Intuitive Pricing: Flexibility, Fluidity, and Freedom
Manage episode 514743131 series 3527542
In this episode, host Molly Beyer addresses a topic that should get more attention than it does: intuitive pricing. While it’s especially relevant for service providers, intuitive pricing is valuable for any business where no two clients or projects are the same. Pricing does not have to be fixed. Molly explains how pricing can be fluid and intuitive, and the benefit of such flexibility to solopreneurs who are often plagued with either underpricing or overpricing.
Intuitive pricing, as defined by Molly, is the practice of setting or adjusting pricing based on experience, gut instinct, and real-time feedback. It takes the place of more formal pricing models or competitor benchmarks. It’s not winging it, but is instead a human-centred approach that allows for adapting while staying connected to the business’s numbers. One of the benefits is that it’s not just flexible, but strategic.
Molly identifies the benefits as giving a business owner room to say yes or no with confidence, building a responsive business instead of a rigid one, allowing for reconciliation and support in terms of bookkeeping, and making flexible decisions with confidence. She also outlines the risks and how to mitigate them. When setting intuitive pricing, Molly advises creating a flexible framework that allows for ranges instead of rigid rates, and to keep notes on what was quoted and what worked. This episode highlights a more instinctive approach to pricing that allows each business owner freedom to meet clients where their needs are.
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