Pricing for Profit
How to Command Higher Prices for Your Products and Services
Author: Dale Furtwengler
Pub Date: September 2009
Print Edition: $19.95
Print ISBN: 9780814433003
Page Count: 240
Format: Paper or Softback
e-Book ISBN: 9780814415184
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Do you feel trapped by “industry pricing”? You don’t have to be! You can make far more money than you currently are making with less effort. How? By accurately quantifying the value of your products or services and effectively communicating that value. And, contrary to popular belief, higher prices don’t drive customers away; they actually attract buyers, driving up your revenue and profits.
Pricing for Profit not only gives you the crucial number-crunching skills you need to determine your ideal price, it looks at both the tangible and intangible elements that affect what people are willing to pay—even in a poor economy—and gives you tips for tapping into the values and emotions that motivate people to spend more.
Along the way, Pricing for Profit picks apart some common misperceptions about why you can’t change your price, such as “My company lacks name awareness,” “My competitors won’t raise their prices,” or “My customers only care about price.” Don’t let these excuses deprive you of the profits you so richly deserve. Pricing for Profit then gives you easy-to-use formulas, sample scripts, clear examples, and instructive exercises to help you:
• Understand how the attitude of your salespeople and managers toward pricing affects your ability to command higher prices, and use that information to align your hiring practices with your business strategy.
• Figure out the one or two aspects of your product that have real value to your customers, and calculate that value in dollars and cents.
• Walk away from prospects that don’t value what you’re offering—and spare yourself the hidden costs of selling to the wrong buyers.
• Get a quick reading on what each customer values the most—image, innovation, or time savings—and tailor your message to appeal to each.
• Bundle your products or services in ways that sweeten the deal for your customers and significantly increase your average sale.
• Close more sales by selling down, starting with a higher-priced offering and working your way down to the lower-priced options.
• Craft your marketing message to appeal directly to the customer—and avoid the common trap of talking about what you do.
Only 14 percent of the buying public considers price the primary criteria in their buying decision, while 86 percent prefers value over price—and so should you. Pricing for Profit is an essential, accessible guide that helps you break out of the stranglehold of industry pricing and quickly improve your profits, your customer base, and your business.
Dale Furtwengler is President of Furtwengler & Associates, P.C., a consulting firm dedicated to helping businesses increase profits without adding resources. He lives in High Ridge, Missouri.
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