106. Navigating Pricing Changes During Inflation
Description
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Today, we're diving into a crucial topic that's on everyone's mind: inflation and its impact on pricing for online businesses. We tackle the unique challenges faced by digital creators, who may not be affected by rising production costs like traditional businesses but still feel the pinch through increased software, marketing expenses, and service provider rates.
I provide strategies for assessing and adjusting your pricing to maintain a healthy profit margin and support your family amid rising living costs. From bundling and unbundling products to offering tiered pricing and payment plans, these are practical tips for navigating this tricky landscape while keeping your customers' financial constraints in mind. Whether selling digital products or providing services, this episode is packed with actionable insights to help you make informed pricing decisions.
02:22 - places where you might be seeing inflation affecting you
04:43 - business baseline costs and profit margin
05:22 - four pricing strategies
08:46 - tips for increasing prices to help compensate for inflation
Links & Resources:
- Follow me on Instagram @kristendoyle.co
- Join my private Facebook community: Savvy Teacher Sellers
- More resources for growing your TPT business
- Rate & review The Savvy Teacher Seller on Apple Podcasts
Show Notes: https://kristendoyle.co/episode106
Check out my Everything Page at https://kristendoyle.co/everything
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