10 Questions to Strategically Review Your Prices

Table of Contents

Pricing your product or service accurately is an art and a science. Get it right and you will be able to pay yourself and your team well and earn a profit; get it wrong and you may find yourself struggling to survive. Creating a system to review your prices is a great way to stay up to date on market demand.

Price is affected by many factors. Ultimately, your price must cover your costs and earn a reasonable profit. To gain a good understanding of what prices to charge, you need to look closely at the market, starting with your own customers.

Price is a significant part of the buying decision. Once a consumer becomes aware of a problem or need they research, gather information—including price—, evaluate options, make the purchase, and then decide if that was a good decision or not.

Consumers will pay for what THEY value. When setting a price, the business owner must be aware of the customer’s perceived value of the product.

The starting point for price setting is determining your price objectives. What are the factors you are using to make this decision? Greater market share? A higher rate of return? Just wanting to make more money?

Weighing the goods versus its cost - review prices

Intently review your prices

To set a marketable price that converts the customers you attract, consider the following questions.

  1. What research have you done to determine the price of your product?
  2. Are your prices higher or lower than your competition?
  3. Does your product offer a higher quality or better service than your competitors for a similar price? If yes, describe the differences you offer.
  4. What would happen if you raised your prices?
  5. Have you discussed prices with your customers? What feedback did you get?
  6. What reasons could you give your customers for a price increase?
  7. Could you sell a lot more if you lowered your prices? How would that impact profit?
  8. If you operate in different geographical locations, are your prices adjusted accordingly?
  9. What options do you have to bundle/unbundle your products to create different price points?
  10. Does your price cover all your costs, including a wage for yourself?

Until next time, Enjoy your Entrepreneurial Journey!

Beverlee Rasmussen e-signature

PS. Have you joined our online community, Organized and Profitable®? It’s free to join! You can:

  • Connect with like-minded entrepreneurs
  • Take free monthly business challenges
  • Enrol in highly-effective business development programs

Learn more!


P.S. Do you have my new book yet?

Increase your own SEO by leaving a review, seriously , it works.

Available now:

I earn a whopping three dollars per book sold, so think of this as a labor of love to the small business owners in my life, you. Find out what all the fuss is about and get yourself a copy.

Amazon #1 Best Seller
Systems Business Coach Logo

The Small Business Field Guide

FREE chapter sent directly to your inbox!

The Small Business Field Guide | Systems Business Coach

The Small Business Field Guide

Written in clear, simple language with actionable steps, pragmatic tools and proven systems.


Small Business, BIG Opportunity

Systematize Your Business, Create Personal Freedom, and Live the Entrepreneurial Dream

Systems Business Coach Logo

Position Agreement Template

Have a reliable and organized team!

Systems Business Coach Logo

Target Market Analysis Template

Boost your sales with this questionnaire and customer profile.

Free Report

How the Canadian Government Supports Small Businesses with Training and Coaching

Systems Business Coach Logo

Top 10 Hiring Mistakes Guide

FREE download sent directly to your inbox!

Newsletter Envelope Icon

Free Download

Enter your email and we will send you our Tech Inventory Database for free!

Systems Business Coach Logo

Use this FREE cash flow planner to prepare for emergencies, hard times or growth. Accurately solve problems with the cash you have, not with the cash you are planning for.