Pricing for Profit: How to Command Higher Prices for Your Products and Services

Pricing for Profit: How to Command Higher Prices for Your Products and Services

Pricing for Profit: How to Command Higher Prices for Your Products and Services

Pricing for Profit: How to Command Higher Prices for Your Products and Services

Synopsis


Many small business owners are trapped by industry pricing and market misconceptions, when they could be compensated for the true value of the product or service being offered. The low price they feel compelled to offer limits their ability to generate profits which, in turn, slows their response to changing customer needs.

The goodnews is that a business can command almost any price it chooses by focusing on the value - not the cost - to the customer. Pricing for Profit shows businesspeople how to break out of the stranglehold of industry pricing and charge more for their wares (regardless of the competition) without alienating their customers. Readers will learn how to:

• Quantify the value of their products or services

• Distinguish between price buyers and value buyers

• Bundle their offerings for competitive advantage and increased customer value

• Craft a powerful marketing message that communicates value

• Generate more unit sales and close more sales overall, at higher prices

• Make more moneywith less effort

Filled with easy-to-use formulas, sample scripts, clear examples, instructive exercises, and more, this accessible and practical guide is a must-read for businesspeople who want to be well-paid for the value they provide.

Excerpt

“I cant raise prices; I won't be competitive.” This belief represents one of the greatest frustrations business owners experience. One homebuilder spent 45 minutes telling me why his homes were better than his competitors'. Yet he didn't feel that he could raise prices, even though his prices were 10 percent below market.

How does this happen? Why do businesspeople feel trapped by industry pricing even though they know, with absolute certainty, that their offerings are superior? They don't know how to quantify value.

During my 19 years as a business consultant helping clients increase profits, I've found that this is the single greatest challenge they face in increasing revenues. the inability to quantify value makes it impossible to communicate that value. This, in turn, leaves customers with the impossible task of trying to decide which offering really has the greatest value.

As a cpa, I've been taught to quantify all sorts of things, including the value that client offerings have for their customers. Once my clients understand how to quantify value, they have no problem communicating that value and distinguishing their offerings from those of their competitors.

Pricing for Profit provides the tools – formulae and sales scripts, as well as an understanding of buyer and seller psychology – to help you command and get higher prices. These tools will give you the confidence you need to stand firm on your price.

Confidence comes from knowledge. When you know how to quantify and communicate the value of your offerings, when you know that you're charging a fair price, when you know how to bundle offerings to meet a variety of budgets, you'll have the confidence you need to:

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