How to Create a Profitable Pricing Strategy
Learn how to create a profitable pricing strategy for your business with entrepreneur Ken Burke.
Duration
4 weeksWeekly study
3 hours
How to Create a Profitable Pricing Strategy
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Decipher how to develop a successful positioning and pricing strategy
This four-week course will teach you the ins and outs of developing a pricing strategy, what your target market is and how you can reach it via a specific messaging strategy or series of strategies.
Ultimately, this will help you to better understand and communicate your business’ unique value proposition.
Develop a complete go-to-market strategy for your business or business idea
You’ll start by asking yourself which is the most important aspect of your business; it’s uniqueness or the value that it provides. You’ll also identify what kinds of benefits will resonate best with customers.
You’ll then also ask questions such as:
- What cues can I take from my product or service to inform my business positioning?
- What role does competition play with my positioning?
- Which elements of my business can I emphasise in order to improve my positioning?
Initiate a powerful positioning strategy
From here, you’ll then decipher how to initiate a powerful positioning strategy, identifying which areas of your go-to-market strategy are impacted by your target market definition.
You’ll then also clarify which attributes are the most valuable when defining the demographics of your target market, and will establish which psycho-graphic profile information to focus on to initiate a strong messaging strategy.
Learn from a marketing expert from the EntrepreneurNOW! Network
Throughout the course, you’ll be taught by Ken Burke, a successful serial entrepreneur and the founder and CEO of the EntrepreneurNOW! Network.
He has used all the business strategies he teaches in this course throughout his own businesses.
Syllabus
Week 1
Pricing Fundamentals
Welcome!
Welcome to How to Create a Profitable Pricing Strategy for Your Business
Introduction
Let's get started with an overview of various pricing strategies.
What Pricing Communicates to Your Customer
Pricing communicates many things about your product or service. Make sure you understand all that it communicates.
Pricing Model Basics
It is critical to understand the basics around the various types of pricing models.
Let's Discuss
Let's discuss how you can apply pricing strategies to you business or business idea.
Quiz - Pricing Fundamentals
Here is your chance to test your knowledge. Take this week's final quiz.
Week 2
Competition and Margins
Pricing Strategy and Your Competitors
Now let's take a look at the competition for your product or service and see what their pricing strategy looks like.
Pricing Strategy and Your Margins
Margins and pricing are linked closely together. Let's explore how to calculate your margins so you can create the right price.
Let's Discuss
Discuss how margins play into your overall pricing strategy
Quiz - Competition and Margins
Here is your chance to test your knowledge. Take a final quiz for this week.
Week 3
Price Influencers
Introduction
Let's get started with an overview of price influencers. These drive your pricing strategy!
Understanding Price Influencers
I will walk you step by step through each price influencer and teach you how to apply this to your business or business idea.
Calculating Your Score
Now let's calculate your score!
Let's Discuss
Time to discuss how pricing influencers can impact your overall pricing strategy.
Quiz - Pricing Influencers
Here is your chance to test your knowledge. Take your final quiz for this week.
Week 4
Create a Profitable Pricing Strategy - Pricing Models
Introduction
We will take a look at each of the three types of pricing models.
Pricing Models
Let's review each of the pricing models in detail and look at the pros and cons to each.
Quiz - Pricing Models
Here is your chance to test your knowledge.
Let's Discuss
Let's discuss putting it all together into one robust pricing strategy.
Congratulations!!!
Celebrate Your Success
Learning on this course
On every step of the course you can meet other learners, share your ideas and join in with active discussions in the comments.
What will you achieve?
By the end of the course, you‘ll be able to...
- Compare pricing models to decide which to use for your business
- Apply ways you can add value that boost margins, not costs
- Justify higher prices in a competitive market
Who is the course for?
This course is designed for budding entrepreneurs wanting to start their own business.
You will also find it useful if you’re a business owner, executive, or product manager looking to brush up on strategy and business concepts. Students considering future career prospects in business, finance, or marketing will also benefit from this course.
What software or tools do you need?
Excel or Google Sheets would be helpful to use for this course but is not essential. The course contains a significant amount of video content.
Who will you learn with?
Ken Burke, the founder of EntrepreneurNOW, is a serial entrepreneur in the high-tech industry and recently sold his eCommerce software company which generated 2 billion in online sales per year.
Who developed the course?
The EntrepreneurNOW! Network (ENN)
The EntrepreneurNOW! Network (ENN) is dedicated to educating entrepreneurs and corporate business managers on starting, running and growing successful businesses. Our mission is to positively impact the lives of entrepreneurs by allowing them to learn a wide range of business strategies that are key to running a successful business. All of these strategies come directly from very experienced entrepreneurs who have run successful businesses and learned so much in the process.
Learning on FutureLearn
Your learning, your rules
- Courses are split into weeks, activities, and steps to help you keep track of your learning
- Learn through a mix of bite-sized videos, long- and short-form articles, audio, and practical activities
- Stay motivated by using the Progress page to keep track of your step completion and assessment scores
Join a global classroom
- Experience the power of social learning, and get inspired by an international network of learners
- Share ideas with your peers and course educators on every step of the course
- Join the conversation by reading, @ing, liking, bookmarking, and replying to comments from others
Map your progress
- As you work through the course, use notifications and the Progress page to guide your learning
- Whenever you’re ready, mark each step as complete, you’re in control
- Complete 90% of course steps and all of the assessments to earn your certificate
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