How Much Should You Charge For Your Commercial Space?
I answer the crucial question of determining the optimal pricing for commercial spaces. I examine the significance of differentiation in setting prices and the importance of continuous testing to find the sweet spot in the market, and share insights on observing competition, exploring unique selling points, and adapting pricing strategies to suit the specific needs of the target market. KEY TAKEAWAYS Importance of Differentiation: Emphasise the need to differentiate your offer from the competition to justify charging a higher price. Continuous Testing: Advocate for ongoing testing of different price points and product mixes to find the optimal market price. Open-minded Pricing: Encourage flexibility in pricing strategies and avoiding rigid adherence to market norms. Utilise Scarcity and FOMO: Suggest leveraging scarcity and fear of missing out to drive decision-making and urgency among potential clients. Brand Building: Highlight the significance of building a strong brand identity to command higher prices and attract discerning clients. BEST MOMENTS "Testing is key. Try different price points and product mixes to find the optimal market point." "Differentiate your offer to charge a different price. Personality, design, and quality matter." "Don't follow the market blindly. Be brave, test, and push for the optimal price." "Scarcity, time-sensitive offers, and FOMO can drive decisions. Use these tools wisely." "React strategically, gather information, and test again. It's a fun part of the business." JOIN THE NETWORK If you want to learn more about investing in Commercial Property why not consider joining the CPI Network? A community of active investors who collaborate, share experiences and empower each other in their Commercial Property endeavours. Useful Links: CPI Website - https://commercialpropertyinvestor.co.uk/Our Sponsors - https://commercialpropertyinvestor.co.uk/podcast-sponsors/Property Investing, Commercial Real Estate, Strategies, CMO, Lease, Licence Agreement, Cashflow, Vacancy rates, Agents, Best Commercial property podcast, how to buy, Valuations, ROI, residential, assets, Flexspace, office space, How to get started: https://www.commercialpropertyinvestor.co.uk/