With Jan Triplett, Ph.D. CEO, Business Success Center © 2011 Austin, TX<br />Best Practices in Pricing<br />© Business Suc...
Your Passion, BSC’s Expertise<br /><ul><li> Our Mission: to help you find your way
 Providing guided growth to achieve success since 1982
 Sales, marketing, & financial management focus
 Clients from A-Z industries, high tech to no tech, products & services</li></ul>© Business Success Center, Austin, TX 201...
Your Company Focus?<br />B to B?<br />B to C?<br />Better to be P to P       <br />.)(. <br />(Belly Button to Belly Butto...
Who’s your customer now?Who’s your prospect now?<br />Platinum & Gold — create stabilitySilver —has potentialBronze — unce...
Platinum customers are…<br />• Visionaries<br />See problem as you do<br />See value of your solution<br />• Adventurous<b...
What’s Your Desired Pricing Goal?<br />Attract paying customers who are:<br /><ul><li> Most Lucrative
 Easiest Sale</li></ul>© Business Success Center, Austin, TX 2011<br />6<br />
 A “Fair” Price<br />Customers want:  To get good value, pay a fair price.<br />Sellers want: To give good value, get a fa...
What Do You Want Customers To Do?<br />Examples:<br /><ul><li> Try it
 Stock up
 Repeat buy
 What else?</li></ul>© Business Success Center, Austin, TX 2011<br />8<br />
Pricing Considerations<br />© Business Success Center, Austin, TX 2011<br />9<br />Pricing is an emotional issue for you, ...
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Best & Worst Practices in Pricing: Strategies for Pricing Right to Attract & Keep the Best Customers

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Pricing to attract & keep the best customers is what can make a good business more profitable. Wrong pricing practices, even with good products and services can kill it. It takes three basic things to do it right and not leave money on the table or drive customers away.

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  • Best & Worst Practices in Pricing: Strategies for Pricing Right to Attract & Keep the Best Customers

    1. 1. With Jan Triplett, Ph.D. CEO, Business Success Center © 2011 Austin, TX<br />Best Practices in Pricing<br />© Business Success Center, Austin, TX 2011<br />1<br />
    2. 2. Your Passion, BSC’s Expertise<br /><ul><li> Our Mission: to help you find your way
    3. 3. Providing guided growth to achieve success since 1982
    4. 4. Sales, marketing, & financial management focus
    5. 5. Clients from A-Z industries, high tech to no tech, products & services</li></ul>© Business Success Center, Austin, TX 2011<br />2<br />
    6. 6. Your Company Focus?<br />B to B?<br />B to C?<br />Better to be P to P <br />.)(. <br />(Belly Button to Belly Button)<br />© Business Success Center, Austin, TX 2011<br />3<br />
    7. 7. Who’s your customer now?Who’s your prospect now?<br />Platinum & Gold — create stabilitySilver —has potentialBronze — uncertainLead — a time waster<br />Concrete — a business killer & never satisfied<br />Radio Active Waste a long-lasting reputation & confidence destroyer<br />© Business Success Center, Austin, TX 2011<br />4<br />
    8. 8. Platinum customers are…<br />• Visionaries<br />See problem as you do<br />See value of your solution<br />• Adventurous<br />Confident in you<br />Trust you<br />• Decisive<br />Hassle-free or less hassle<br />© Business Success Center, Austin, TX 2011<br />5<br />
    9. 9. What’s Your Desired Pricing Goal?<br />Attract paying customers who are:<br /><ul><li> Most Lucrative
    10. 10. Easiest Sale</li></ul>© Business Success Center, Austin, TX 2011<br />6<br />
    11. 11. A “Fair” Price<br />Customers want: To get good value, pay a fair price.<br />Sellers want: To give good value, get a fair price.<br />Dilemma: What’s fair to one; may not be fair to the other.<br />© Business Success Center, Austin, TX 2011<br />7<br />
    12. 12. What Do You Want Customers To Do?<br />Examples:<br /><ul><li> Try it
    13. 13. Stock up
    14. 14. Repeat buy
    15. 15. What else?</li></ul>© Business Success Center, Austin, TX 2011<br />8<br />
    16. 16. Pricing Considerations<br />© Business Success Center, Austin, TX 2011<br />9<br />Pricing is an emotional issue for you, your employees, & customers.<br /> Buyer reaction to price is unpredictable.<br />Shoot from the hip & you’ll end up shot in the foot or worse.<br />One price strategy usually doesn’t fit all products/services.<br />Controlling costs can make a business more profitable than raising the price.<br />Stay alert: pricing laws & regulations change.<br />
    17. 17. What You Need to Know about Pricing<br />Pricing should be…<br />Pricing will…<br />© Business Success Center, Austin, TX 2011<br />10<br />An attention getter and qualifier.<br />A way to position your company.<br />Perceived by your Platinum-preferred client as a benefit not just a feature.<br />Make you rich or at least comfortable or just sick and tired. <br />Affect the success of all areas of the business.<br />Require that you don’t just set it & forget it.<br />
    18. 18. Your Price is NOT Right for Everyone<br />It’s all about:<br />Getting the right customer<br />Keeping the right customer<br />Considering their perceived risk<br />Knowing your true total costs<br />Identifying the top value you bring<br />Accounting for long & short term goals<br />THEN Pricing Right & legally!<br />© Business Success Center, Austin, TX 2011<br />11<br />
    19. 19. The Big Debate<br />Cost<br />Vs<br />Value<br />© Business Success Center, Austin, TX 2011<br />12<br />
    20. 20. Best Practices in Pricing<br />• Price what you’re worth.<br />• Use KISS pricing system.<br />• Account for profit, contingency & hassle-factor.<br />• Price for positioning.<br />• Monitor & adjust.<br />© Business Success Center, Austin, TX 2011<br />13<br />
    21. 21. Worst Practices in Pricing<br />• Undervaluing your benefits.<br />• Under-estimating costs.<br />• Not considering your Platinum customer’s “Flinch Point”.<br />• Blindly following competition.<br />• Inconsistent pricing.<br />• Violating laws - DTPA<br />© Business Success Center, Austin, TX 2011<br />14<br />
    22. 22. Good & Bad Pricing Examples<br />Charging $15 per hr for professional services<br /> Providing a $400 discount on a product<br /> Charging $500 for one research report<br /> Charging low price to get started<br />Your examples?<br />© Business Success Center, Austin, TX 2011<br />15<br />
    23. 23. Here’s to your success!<br />Business Success Center<br />Sales & Financial Management Services<br />January 15, 2011<br />Jan Triplett<br />triplett@bscusa.com<br />Twitter@JanTriplett<br />Facebook@JanTriplett<br />© Business Success Center, Austin, TX 2011<br />
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