Introduction to Pricing Strategies, some practical advice.
This is a downward trending market right now. And it is sometimes difficult to keep prices up. Why won’t lowering prices translate into customer loyalty? Have you ever wondered if there is just a better way of pricing that would allow you to compete with the big boys? Would you like to increase sales without dropping the price? How can you become the price leader instead of the price follower in your industry? Do you think you may be leaving money on the table?
Andrew Gregson, pricing expert and author of Pricing Strategies for Small Business, begins this guest speaker talk on new ways to look at pricing with an interesting anecdote. Every retailer is totally convinced that ending a price in 99cents somehow fools the customer into thinking that here is a better price. But until the late 19th century, even number prices were the norm. This changed with the arrival of a simple machine. And that simple machine was adopted quickly because it kept store clerks honest.
The big companies rely heavily on vicious attention to cost accounting techniques. But they are not misled by accounting formulas , gross margins, and gross profits. And they have never forgotten that the purpose of the company is to earn a return on the money invested. The big companies simplify and manage their costs using simple techniques. Their techniques shed blinding light on ALL the costs of doing business.
There are simple ways to find out where your costs are out of line with industry standards. Gregson pulls up examples and demonstrates how to get them for your business.
Now you have found all your costs. Does this mean instant profits? What to do next. Gregson demonstrates by means of real life business examples how to translate your efforts into a winning price formula. Your company can achieve Super Profits using the same simple techniques employed by the big companies, without dropping prices, and without losing sales.
But when all is said and done, most businesses can improve profits and sales even with higher prices. Here are:
- 6 guidelines on presenting your price and meeting the price objection; and
- a practical guide to presenting your price.
- How to deal with sticker shock.
- Training sales staff to use these simple techniques and improve their performance
Sometimes price has nothing to do with costs. Here are real life examples of prices going up and sales rising up, too. And then, here is evidence that dropping prices can actually hurt sales
The most underrated marketing success ever. Still not convinced? Still believe that your business has to sell on price alone? Here is one final and compelling example to convince you.
• Big box store pricing revealed. Why big box store prices end in funny numbers like 34 cents, or 72 cents or 17 cents.
• Using big box store methods in your small business. Examples from retailing and service businesses.
• Short cuts to find whether your costs are too high.
• How price discounting works against you.
• Some responses to pricing are just plainly strange.
• Why low prices do not translate into customer loyalty.
• How to deal with sticker shock. Meeting the price objection.
• Don’t lower the price; remove value.
• 6 guidelines on presenting your price.
• The most underrated marketing success ever.
Contact Andrew for your next meeting: