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Pricing

Pricing Strategies – How to price a product

March 19, 2019 By BMN

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

You Are Pricing Your Product WRONG! How to Determine Optimal Price for Profit

January 29, 2019 By BMN

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

December 4, 2018 By BMN

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

September 25, 2018 By BMN

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

May 8, 2018 By BMN

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

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