Running a successful small business is a multifaceted endeavour, and one of the common challenges faced by black and minority entrepreneurs is determining the right pricing structure for their products. At the Black Pounds Project, we understand the importance of addressing this issue head-on to support and uplift black businesses. In this blog post, we delve into the topic of pricing strategies and share insights that can help entrepreneurs navigate this crucial aspect of their business journey.
The Conversation That Sparked a Revelation:
In our BPP Store, one of our retail assistants recently engaged in a thought-provoking conversation with a customer about product pricing. The customer, as it turned out, was the CEO of a large retailer. They questioned the pricing of a particular product, prompting our retail assistant to passionately defend the business owner. However, this encounter left us pondering a valuable lesson: What drives customers to purchase, and how can we strike a balance between pricing and generating buzz around products?
Value Beyond the Price Tag:
While price is undoubtedly a factor in purchasing decisions, we realised that there are other elements that can significantly influence customer behaviour. The CEO of the retail giant shared their perspective that, particularly in small stores, fostering product visibility and encouraging word-of-mouth marketing should take precedence. They suggested that sometimes it may be worthwhile to offer discounts or rewards for sharing products on social media before making a purchase.
The Power of Exposure:
Exposure emerged as a key theme in this conversation. When launching or scaling a business, it is vital to generate buzz and get people talking about your products or services. Building a strong brand presence and engaging with customers through various channels can help drive sales and establish long-lasting customer relationships. By encouraging customers to share their purchases on social media or offering exclusive discounts for spreading the word, businesses can leverage exposure as a powerful marketing tool.
Collaborating with the BPP Academy Cohort:
At the Black Pounds Project, we are excited to collaborate with our BPP Academy cohort to further explore and refine pricing structures for business owners. Through in-depth discussions and analysis, we aim to uncover innovative methods that can help entrepreneurs scale their enterprises effectively. By providing them with the necessary knowledge and insights, we empower black and minority ethnic business owners to thrive in a competitive market. This presents an exciting opportunity, not only for business owners to learn and grow but also connect with one another.
Beyond Price: Adding Value to Every Transaction For Your Small Business:
Determining the right pricing structure is a continuous process for any business, and black entrepreneurs face unique challenges in this aspect. At the Black Pounds Project, we strive to empower SME’s by diving deep into pricing strategies and exploring innovative approaches. By focusing on exposure, encouraging word-of-mouth marketing, and adding value to every transaction, black and diverse businesses can flourish and make a lasting impact in their respective industries. One of the things that holds many of us back is a lack of access to information. That’s something we’re really passionate about addressing and we are committed to doing this through the Black Pounds Project.
Join us on this journey of knowledge sharing and collaboration as we continue to uplift and support black and minority entrepreneurs in their quest for success.
Business is not easy but perseverance is key to success. Together, we can create a vibrant ecosystem where our businesses thrive and economic empowerment becomes a reality. As they say, it’s a marathon not a sprint but each day we must continue to put one foot forward.