2. How Do I Know What I
Need To Find Out?
• You Don't Know
• You Have To Start Asking Questions
• Start a focus group
• Build a network of professionals in the ﬁeld
• Entrepreneurs Have To Be Very Inquisitive
3. How Important Is It to Check Out
What The Competition Is Doing?
• It's Very Important!
• Build partnerships with your competition
• Maybe you can learn from them
• Maybe you can do business with them
• The best strategy is to have a competitive advantage
• Medicine vs. Vitamin
4. What Can Marketing Consultants
Do For A Small Business With
Very Little Start-Up Capital?
• Conserve Cash-Capital - Have a "Low Burn Rate"
• Try to leverage "Human Capital"
• Outsource non-essential tasks (If you can afford
• Be your best sales person
• If you don't know how to sell, Learn!!!
5. How Do You Decide
On The Right Price?
• Again, is it a Medicine or Vitamin
• Medicine - What are the savings provided to the
customer. If you saved them $100, charge them $95
• Vitamin - Market & efﬁciencies really determines
• Go to your focus group? How much would you pay
for my product or service?
• Don't try to be the cheapest. Race to the bottom!
6. How Did I Learn About
• "Google It" - If you can't ﬁnd it, you are not
• How did I learn pricing strategies -
Connected with other successful
entrepreneurs and read books!
7. How Does Pricing Affect Your
Business Brand Identity?
• It's shouldn't - You've got to always be seeking out
ways to differentiate your business.
• Apple Computers - Not the best, but they are the
most expensive and most successful
• Can you come up with a unique pricing model?
• Example - T-Mobile: No-contract, unlimited service,
one ﬂat rate!
• Example - Indian Street Vendors
8. What Challenges Did I
Have Pricing My Product
• govtHub.com - We're still developing the
• Maintaining Consistency - Customers
• Research • Contractors
• Newport Beach Public Library
• Free Wi-Fi
• Free audio books • Virtual Assistance
• Learning • Essential Reading
• iTunes University - Free Podcasts
• 4 Hour Work Week by
• Stanford Entrepreneurial Thought Tim Ferris
• PersonalBrandingBlog.com • The E-Myth Revealed