The P.R.I.C.E Framework Part 5 - Evaluation

You’ve changed your prices. But how do you know if the change actually worked?

In the final episode of Vicky’s P.R.I.C.E Framework, we reach the last and arguably one of the most important stages: Evaluate.

The P.R.I.C.E Framework takes pet business owners through five stages: Position, Review, Implement, Communicate and Evaluate. But it isn't a one-off exercise, it's a cycle designed to help you continually improve your pricing as your business evolves.

Vicky explains why you shouldn't judge a price change based on one client leaving or a couple of quiet days. Instead, you need to give your changes time and look at the data.

In this episode, she discusses:

The eight areas you should evaluate after changing your pricesWhy revenue and profit tell very different storiesTracking your average transaction value and client numbersHow pricing changes can improve your capacity and workloadWhy losing a few clients isn't necessarily a bad thingAssessing whether you're attracting a better mix of clientsHow client feedback can help you refine your servicesWhy how you feel about your business matters tooSetting a review date rather than reacting emotionallyUsing what you've learned to adjust and repeat the process

A successful price increase doesn't necessarily mean keeping every single client.

If you're earning more profit, working fewer hours, creating more capacity or attracting better-fit clients, losing a small number of customers could actually leave you with a stronger business.

There is no single perfect price.

Your costs change. Your business changes. Your goals change. And your pricing should change with them.

Evaluate. Learn. Adjust. Then start the cycle again.

Takeaways: