The Fastest Way to Profitability is Pricing
Pricing your product or service can be a challenge. Often times businesses will spend tremendous amounts of money trying to price right only to go with a gut feeling about the right price.
What is more most of the research on right pricing focuses on learning from their current customers and fails to address the question or the answer as to why prospective customers are not buying.
Sure, there are pricing formulas that are espoused in business schools when it comes to pricing, but sadly most of the textbook formulas are theoretical more than practical as the vast majority of the authors have never actually run or owned a business.
In this episode of A New Direction
one of the top 50 global thought leaders and influencers on sales and Forbes Business Council Thought Leader Per Sjofors a.k.a. the Price Whisperer
joins us to keep us from leaving money on the table because of pricing and at the same time keep customers from leaving the table all together.
Per’s book, “The Price Whisperer: A Holistic Approach to Pricing Power” is one of the most comprehensive books on pricing that I have read to date. The Price Whisperer makes a strong case that price is the fastest way to profitability. But to get there is going to take some work and effort.
The Price Whisperer
also clues us in that there are behavioral economics that come into play when it comes to pricing. The fact is that all purchasing decisions whether B2B or B2C are actually emotional. We want to believe as buyers that we make logical purchases, but the fact is our brain and emotions dictate the triggers that cause us to buy.
Why is this so important? Because when you understand how the buyer buys and you understand the value proposition of your product or service then pricig becomes the fastest way to profitability. And yet we often think of buyers as acting rationally which is not supported by the research Per offers in his book.
So then how do we arrive at the right price? Per takes us through a variety of research scenarios whether you are B2B or B2C that you can apply to help you find the right price for you product or service. And if you are a small business…listen in to the show, because The Price Whisperer helps you do low cost research that will help you get there.
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