Should you lower your pricing for your brand new nutrition program?
That is a multi-layered question that depends on your business model, the type of services you offer, your audience, your audience’s buying behavior, how connected they are to your brand, and outside influences of an economic landscape that may be beyond your control.
While premium pricing can reflect the value and quality of your services, there are times when adjusting your rates may be necessary to stay competitive and attract new clients. In this blog, we’ll explore various questions to consider when deciding if it’s the right time to lower your prices, ensuring you maintain a balance between affordability and value while driving your business forward.
Is your Nutrition Program in-demand?
Hard question, I know, but necessary to determine if there is a need for the solution you’re proposing to your audience. Start by having conversations with previous, current, and potential future clients that can provide you with insight if your solution is something they’ve been searching for.
Do you know the value that people are willing to pay for the solution?
Consider offering flexible payment plans, sliding scale pricing, or special discounts to make your services more accessible. Develop a range of service packages that cater to different price points – similar to a product ladder. This can include basic, mid-tier, and premium options, allowing clients to choose a package that fits their budget.
Introduce introductory style pricing before lowering the price
The first clients who experience your program at the introductory price can become your first success stories. Encourage these clients to provide honest testimonials and reviews about their experience. When new potential clients see that others have already benefited from your program, they are more likely to feel confident in purchasing.
Figuring out the right price for your nutrition program can make a big difference in attracting clients and growing your business. By assessing your value, checking out the competition, and considering all the factors, you’ll be able to set a price that works for you and your audience.
