18/11/2024
YOUR PRICING STRATEGY MIGHT BE THE REASON YOU'RE FRUSTRATED IN BUSINESS.
Chioma, my best friend, is the odogwu when it comes to pricing strategy.
I always leave it to her, she's so good at it.
Today, I'm lending my voice to it due to what I am seeing around me.
So what people say is, to price your business choose whatever works for you and run it.
Folake, let's be honest so we can grow our businesses in this Nigeria.
The honest truth is that you cannot choose any price you like.
If you try it, your business will hit a roadblock.
You have to choose a "Nigerian price" to succeed in a Nigerian business. This is the honest truth without trying to give anyone any fake balance.
If you write an ebook and you decide to price it at 20k to 50k in this Nigeria, because all the coaches are talking about premium pricing.
I think I should leave you to complete the sentence of what will happen to you and your book.
One of the biggest hurdles a Nigerian business owner needs to cross is to find that optimal Nigerian price that the market loves to pay.
That price shouldn't be too low and shouldn't be too high. Just find the right price.
If the price is too low, your profits will be too small and you will not have enough money for marketing, then you may lose your motivation.
If the price is too high, your sales will be small and you will be ashamed to reduce the price.
Sis, there is a price that I call the "Just right" price. Sadly, no one can determine it for you. It is your job.
The only fundamental principle in pricing that everyone must follow is - 'Cover your costs and include a margin that returns a decent profit enough for growing the business and doing more marketing'.
Aside from this principle, pricing is largely subjective.
Anyone can call any price for his item (so we think).
But it isn't true.
You can totally bring your business to a halt with the wrong pricing strategy.
Sit down in your quiet time and look at the Nigerian coaching space. Think about the early coaches that started the space.
Some have completely lost voice and lost relevance because of pricing.
They priced and priced and priced higher and higher until other people came into the space and replaced them.
Now, they can hardly make 10 sales, whereas they should be the Baba in the space.
In my mind, I think it is completely wrong to try to sell to Nigerians and yet be forming Oyinbo pricing strategy.
You will watch your sales drop so much and you will be ashamed to do a reduction in price.
Here's my final word without trying to give anyone any balance - Price for Nigerians, if you want to sell to Nigerians.
Price appropriately with the knowledge of the people, their priorities, their culture, their preferences and their mindset.
I needed to say this so I can save many people.
Thank you
©️ Nelly Agbogu
