Competition-Based Pricing – Is It Right for Your Business?
The Pros and Cons of Implementing a Competition-Based Pricing Strategy One of the easiest forms of pricing is competitive-based pricing. Using this pricing strategy should ensure that you price in the ballpark of the price for similar services. If you do it well, a competition-based pricing strategy can help you raise prices without losing customers. But this doesn’t necessarily mean that it is the best strategy for you. In this article, I explain the pros and cons of competition-based pricing. I share a few examples, discuss how to implement a competition-based pricing strategy, and you learn how to decide whether it is the right pricing model for your business. Let’s get … [Read more...]
A Quick Guide to Value Based Pricing
The Pros and Cons of Implementing a Value-Based Pricing Strategy Wouldn’t it be great if you could price your services by shaping how your clients perceive the value you provide? Welcome to value-based pricing, a pricing strategy that has the potential to explode your profits. What is value-based pricing? When you employ value-based pricing, you set your prices on your service’s value to your clients. This should let you maximize revenues and profits: Your competitor’s prices are not a restriction, as they are when using a competition-based pricing strategy You free yourself from the mindset of a set profit margin, which is the foundation of pricing models like … [Read more...]
Tiered Pricing – Pros and Cons and How to Implement It
Putting ‘Good, Better, Best’ Pricing into Action How much more profitable could your business be if you could sell your services at higher prices? The answer is way more profitable, right? Tiered pricing could be the answer to this conundrum. The strategy is successful for many reasons. It’s a great way to raise prices without losing customers. You may have even been ‘tiered priced’ without even knowing it. In this article, you’ll learn how tiered pricing could help you sell your services at higher prices to your customers – and a few tactics to help you achieve this. What is tiered pricing? There are several definitions of tiered pricing, and it’s often confused with volume … [Read more...]
The secret to filling your new business pipeline: Outreach
The sales funnel is a useful concept for helping us visualize the journey that a prospect makes toward becoming a customer. But the idea of the “funnel” makes the process seem more predictable than most of us find in practice! Just because someone is in your funnel doesn’t mean that they will buy, or even that some percentage of them are going to buy this month! What can we control about our funnel, and what can’t we control? YOU CAN’T CONTROL WHO’S GOING TO BUY Obviously, not everyone buys. In fact, some folks you think are a slam dunk will never buy, and some long-shots will come through easily. YOU CAN’T CONTROL THEIR TIMING When a prospect tells you, “I want to get … [Read more...]
Are You Offering Flavorful French Cuisine or Serving a Boring McBurger?
Consider the role of French cooking. The techniques and recipes of the French chef have changed the way the world dines. Chefs from all corners of the world travel to France to learn from the masters there. Yes, French chefs know how to make outstanding meals, but they can’t do it without the freshest, most flavorful ingredients - deep green asparagus; perfectly marbled tenderloin; highly aromatic herbs. They create meals that delight all of the senses. No one learns French cooking overnight. It takes years to hone the techniques, and French chefs have been building and perfecting their skills for generations. When you break down French cooking, you see that it’s laborious, wasteful, … [Read more...]
Riding the Roller Coaster of Entrepreneurship in the Genius Zone
Being an entrepreneur might sound like a glamorous and lucrative career, but the reality is that entrepreneurship is more of a roller coaster ride. If you aren’t expecting the ups and downs, then you aren’t prepared for the experience. Running my own business has been nothing less than some of the best experiences of my life, along with some of the worst. And, unlike a real roller coaster at an amusement park, I haven’t been able to predict when those highs and lows will occur. I’ve won big deals, then lost them. I’ve hired an employee who seemed like the perfect person for my business, only to have that person snapped up by a competitor. I thought I had the perfect marketing … [Read more...]
How to reduce your client’s risk, when everything is risky
In 2020, we are living in a time when ambient risks have skyrocketed. The economic risks, social risks, and public health risks are massively higher than they were last year. This includes the risk of hiring a professional services firm. People hire these experts to reduce their risk of negative outcomes. For example: I could draft my own contract, but if I hire an attorney to do it, I have more confidence that I can enforce the contract. I could design my own website, but if I hire a web design company, I believe it will be easier to navigate, get higher search rankings, and produce more leads. I could get a logo designed on Fiverr, but if I hire a branding agency, I'll … [Read more...]
5 Keys to Growing Beyond $1M in Sales
“What got you here won’t get you there!” ~ Marshall Goldsmith Congratulations, you’ve grown your business and achieved a major milestone, one million in revenue. Well done! It’s a huge achievement. Less than 4% of business in America reach this goal. Now that you’ve celebrated, let’s talk about your next steps. Do you want to keep growing? If so, there are some major changes ahead. The skills and practices that made it possible for you to bring in a million dollars this year aren’t going to scale when you are at two million or five million. You’re going to need to do some things differently. I get it, change is hard. And delegating can be hard, too. But learning to accept these … [Read more...]
2021 We’re Halfway There… Livin’ on a Prayer
Normally around this time of the year, it’s good to pause and review our progress. Take a minute to stop and review what's been going well so far this year, what's not, and plan how we can end the year strong. But this year... 2020... Well, it hasn’t gone according to plan, right? I don’t know about you, but I’ve made almost no progress toward the goals I set for the year. Guess what? That’s okay. Just because your goals took a backseat to the chaos doesn’t mean you’ve given up. We have all had to adapt and reprioritize for the next six months. We are in the middle of a global pandemic, an economic crisis, and a social revolution. (Oh, and there’s a Presidential Election this … [Read more...]
Reopening Your Office Safely During COVID-19
As if living through a global pandemic wasn't enough — you're a business owner, so you have to become an expert on SBA loan guidelines and now learn all about CDC recommendations too? We're here to help you out. Here's the CDC's workplace decision tree and our advice about what to think about when reopening... Setting expectations By now, you should already be in near constant communication with your team on key office decisions in regards to how the pandemic affects your employee’s day to day work life. As you work on reopening it will be imperative to set crystal clear expectations. Reopening may provide some much needed financial relief for the company, your employees face … [Read more...]
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