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 prices
• Why revenue and profit tell very different stories
• Tracking your average transaction value and client numbers
• How pricing changes can improve your capacity and workload
• Why losing a few clients isn't necessarily a bad thing
• Assessing whether you're attracting a better mix of clients
• How client feedback can help you refine your services
• Why how you feel about your business matters too
• Setting a review date rather than reacting emotionally
• Using 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:

• P.R.I.C.E stands for Position, Review, Implement, Communicate and Evaluate.
• Evaluate revenue, profit, average transaction value, client numbers, capacity and client mix after making pricing changes.
• Don't make kneejerk decisions based on the first few days — set a review date and gather meaningful data.
• Losing clients isn't automatically negative if profitability, capacity or client quality improves.
• Listen to client feedback, including objections and positive comments, and use it to improve your offering.
• Communicate fair price increases confidently rather than apologising for them.
• Use your findings to tweak your pricing, positioning or services where necessary.
• There is no perfect price forever — pricing should evolve alongside your costs, goals and business.

Podcast Sponsor – Lopay

This episode is proudly sponsored by Lopay, the low-cost payment platform that helps small businesses keep more of the money they earn.

Find out more about Lopay and how it can support your pet business here:

👉 https://merchant.lopay.app/ref/thepetaccountant2000

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