Part 4/8:
Ly discusses a new pricing strategy for their lessons, which have recently increased by 2.5 times to €285. The lesson learned here emphasizes the psychological aspect of pricing strategies—undervaluing services can lead to missed opportunities. Increasing prices based on perceived value and market demand might pull in more sales or, at the very least, serve as a testing ground for potential revenue streams.
Marketing Strategies Unfold
Taking the audience through Ly’s thought process reveals valuable insights into effective pricing strategies. The speaker encourages entrepreneurs to experiment by gradually doubling their initial pricing to gauge customer reactions, an approach that has successfully led them to higher profit margins.