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That many new businesses failing to celebrate their third, or even first, birthday is no longer news. At the root of this catastrophe, is weak business management. One of the factors that lead to poor management is inadequate business financial literacy. Even though you may not be an accountant, it is vital that you understand basic financial terminology, statements, and concepts, and use the information to boost business performance. In our edition this month, we are focusing on pricing as a business strategy. How can you go about pricing in your business, ensuring that you remain competitive by charging just the right amount? Not too high to repel customers, and not too low to subdue growth. Well, our April newsletter edition has answers and more. Enjoy!

Pricing Services Right: The Dilemma of Small Businesses in Kenya

Pricing strategy for your small business will set the standard for your product or service in the marketplace and is an important dimension to both your bottom line and your competitive edge. Many small businesses in the service sector are struggling with setting competitive prices. Given the fact that services are intangible, it becomes tricky because...

Quote of the Month

“Pricing is the exchange rate you put on all the tangible and intangible aspects of your business. Value for cash.”– Patrick Campbell

Business Tip of the Month

Pricing can be a break or make decision for a small business. That’s why you must get it right. Indeed, competitive pressures have led many entrepreneurs to undercharge, inadvertently pricing themselves out of business. The race to capture market share is real, but undercutting doesn’t always work and is largely a bad strategy. It invites customers to see your product or service as a commodity and obscures the value of your offering. Instead, you need to focus on the inherent value that your product or service delivers to customers. This requires positioning your brand and convincing customers to see the value that you are selling to them. The bottom line, focus on value.

ABOUT US

A STRATEGIC MARKETING CONSULTANCY FIRM FOR SMES

SMD Consulting Associates is a strategic marketing consulting firm based in Nairobi dedicated to driving excellence of African SMEs with a vision to create the next generation of exceptional, continental business enterprises. As an SME, you need a partner who truly understands your business and its unique challenges. At SMD Consulting Associates, we have perfected the art and science of optimizing the performance of small businesses through strategic marketing consultancy services. As a marketing agency, we offer online marketing which includes corporate website design, social media marketing, email marketing, blogging, SEO, and PPC advertising. For those starting up their entrepreneurship journey, we offer strategic marketing plan and associated deliverables like branding, company profile among others to get you started. Talk to us today.