Deciding on a price for a service you offer is a difficult challenge. You can easily leave money on the table. Watch this video suggested by mentor Scott W for tips.
https://www.youtube.com/watch?v=4t_MEO_la_k&feature=youtu.be
Pricing
You Are Pricing Your Product WRONG! How to Determine Optimal Price for Profit
Get a Head Start on Pricing for Profit with this 4 minute video. A tip from our mentor Scott W.
https://www.youtube.com/watch?v=Tgnt7VUcvqw&index=17&list=PL8E-jzF0hTI1QVRjnPW-Je8x_I23ZyHAD
1% Higher Prices gives 11% Profit Improvement
A consultant study across 1,200 major businesses found that a 1-2% increase in price, assuming demand remained constant, on average would have increased the company’s profit by 11%. Clearly, this could be a quick boost to your company’s profitability.
For a quick example of the impact of a price change, consider a business turning over $500,000 per year. Let us further assume that it makes a 5% profit on that, which gives it a profit of $25,000. If it increased its price by 1%, and assuming demand remained constant, that would lead to an extra $5,000 in income. This extra $5,000 over the original $25,000 is a 20% improvement.
Read more here… (link below)
https://mailchi.mp/26a995340a24/mv7dut51vv
Recommended listening by our mentor Scott Williams.
Add Value to Your Products Instead of Discounting
Price is often the primary consideration when customers make a purchase, but cutting prices isn’t the best way to compete. Here’s how you can add value to your products so you can avoid discounting.
https://www.businessknowhow.com/marketing/add-value.htm
This article was suggested by our mentor Trevor Payne
Why Buyers Love to Delay Buying
One of the complaints small business salespeople share the most is that buyers never seem to make up their minds. Just about the time it looks like they’re going to make a buying decision, they suddenly hold off. Here’s what’s really behind their delay, and tips for the best way to deal with it.
https://www.businessknowhow.com/marketing/delay.htm
This article was suggested by our mentor Trevor Payne