What would you think of a restaurant that offered really good food, but the salad is free and the dressing is extra? The potatoes are free but the sour cream is extra. The soup is free but heating it costs extra. And table service is free if you wait two hours, but table service in 20 minutes costs extra.
The Best Clients I’ll Ever Defend
Is every potential client a good fit for you? Before you answer, think carefully: every single one? Fairly often, I get quizzical looks when I tell people that I work almost exclusively with small non-profit organizations and very small mission-driven businesses.
Small Changes in Prices Can Make a Big Difference
If your business is trying to increase profits, raising prices is something you might consider in today’s economy. However, you have to be so careful when doing this so as not to alarm your customers.
What is Happening to Loyalty?
In difficult economic times price becomes a significant variable. However, customers know value and understand the implications of good customer service versus poor customer service.
Is Your Customer Loyal to You or Your Price?
What would happen if you were just a little higher priced than your competitor? How would your customers react? Would your loyal customers continue to do business with you, in spite of your higher price?
How to Test Prices without Irritating Buyers
The right price is something of a moving target for many companies. You may need to change the tag on a given product multiple times during the period of time you offer it and the more detail you can offer on the decisions to do so, the happier your customers will be.
32 Ways to Grow a Business
While there are only four primary strategies for growing a business, there are literally dozens of different techniques you can use to implement these four strategies.
5 Steps to a Great Pricing Strategy
There are many important aspects to running a business, but perhaps the most important of all is your pricing strategy. At the end of the day, whether customers are willing to keep spending money at your business and whether you can afford to stay in business comes down to your prices. Here are five steps to get you on the right path for an effective pricing strategy.
How Do I Create High Margins?
One of the most difficult elements of marketing for most people is the art and science of pricing. There’s a lot of science to it—but it’s also an art. How do you price your goods and your services? Where do you start?
The Power of Just ONE More Unit
There is such leverage in high gross profit margins once a company is past break-even. Every dollar of gross profit falls to the bottom line, increasing net profit faster with each transaction. The point is that once a company is stable at or above the break-even point, one incremental unit generates robust increases in net profit.