A Profitable Pricing Strategy is critical to success.
All too often businesses are afraid to raise prices, particularly service businesses with long-standing customers. Business owners are nervous that customers will leave and that is a real risk.
The real issue is that over time costs typically go up and profit goes down. This is not a sustainable strategy!
The Sales & Pricing Strategy Challenge
All too often I see service business owners trapped in an endless cycle of running to jobs making endless quotes and chasing business. Only to find they have been undercut, or are simply missing out on jobs.
There are several issues that are tied up in this approach.
- Chasing customers that have a low probability of actually becoming clients
- Spending time and energy on quotes outside the customer’s budget (because you don’t know their budget)
- Assuming the level of service the customer desires
- The whole sales process becomes heavily focused on the cost to the customer rather than the value you provide
Having a cost-driven sales process is flawed…
The reality is that people’s buying decisions are based on value not cost.
A value decision considers 4 key areas: Cost, Speed, Quality, Service
Let’s look at them more closely from the customer’s perspective:
- Cost – How much do I have to spend? How does this compare to others?
- Speed – how quickly do I need it?
- Quality – how much will I use it? How will I look (status)?
- Service – what if something goes wrong? How much will I enjoy the owning experience?
Are you spinning your wheels with an endless cycle of quotes, and missing out on jobs from others undercutting you?
Do you feel like you are leaving money on the table?
Watch the Video to design your own Profitable Pricing Strategy:
In this video you will learn:
✅ How changing your sales process equals more sales with less effort
✅ How a simple quoting tool will qualify leads and focus on the best sales
✅ How adding buying psychology to your pricing strategy will make you more money
✅ Everything you need to know to design your own Profitable Pricing Strategy.
More of our most popular resources:
- How to Get More Money Fast in Your Business
- The best way to Measure Business Success
- Are you Ready for Growth? – Take the Growth Factor Quiz
- KPI MASTERCLASS – KPI Meaning, KPI Examples, KPI Dashboard, Manage KPI
- Roadmap to Recovery – Recession Proof and be a Corona Virus Winner
- Business Health Check – Recession Proof your Business
Here to help
If you’d like to learn more about cash flow and how to manage it in your business during these COVID times.
I’m offering a free cash flow strategy session.
It’s 45 minutes.
There’s no obligation.
Feel free to jump on and book a clarity call with me.