POWER PRICING: Pricing for Maximum Profit
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Working too hard for too little money
Have you ever felt…
There is downward pressure on price… your customers keep complaining over price,
Your margins are being constantly squeezed,
Customers aren’t paying you on time and you’re often short of cash,
You’re working too hard and too many hours, and ultimately
You’re not making enough money?
If so, you’re not alone.
The most common underlying reason for these problems is the wrong way of pricing.
Unfortunately most businesses use emotional pricing, which comes from a lack of understanding of pricing strategy; reacting to gut feel and emotion rather than the facts. Rather than from a proper understanding of the numbers and missing out on pricing for maximum profit.
Without understanding the numbers, pricing strategy and price psychology most small businesses end up competing on price with no real differentiation in the market.
So what is the solution?
As Accountants numbers are our business. And one of the key numbers in any business that we specialise in is the price number.
You see, there are 9 drivers of profit. And of all those drivers, price is the most misunderstood and overlooked; and yet it is the most powerful.
By joining the Price Consulting Group you will analyse your business model, understand different price points and identify a pricing strategy that will maximise your profits. You will have access to a range of solutions that will:
Identify a price strategy that will enable your business to grow more profitably,
Establish price points that will yield greater profit,
Present your price in a way that is more appealing so that more people say, “Yes” and buy from you,
Build in payment structures that reduce cash issues, and
Make your price seem smaller than it is using the power of price psychology.
The bottom line is, you will make more sales and at higher prices, your profit will grow and you will have more cash in the bank.
THE PRICE CONSULTING GROUP
Price is just a number and an important part of the profit equation for your business.
The trouble is, the field of pricing is still relatively new. Much of what we know about pricing has only been discovered in the last few decades from the study of price psychology, and even more recently, behavioural economics.
Nobody understands the numbers behind a company’s set of annual financial statements and management reports the way accountants and some bookkeepers do. And since price is just another number it makes sense that the accounting profession is the obvious place to look for help with pricing.
Unfortunately, most accountants and bookkeepers are very traditional. They still just add up the numbers and file the accounts, tax returns and other statutory reports. And that’s OK for business owners who only want that stuff doing.
However, there are ambitious business owners wanting to grow their business. So, we specialise in helping those people build more profitable and successful businesses. Since price is the most powerful lever in the profit equation we have invested in training, knowledge, resources and tools to become one of the world’s leading accounting firms helping businesses tackle the challenges of pricing.
We therefore operate an on line Price Consulting Group which you can choose to join if you feel you want to really delve into the areas of pricing to maximise your profits.
The Price Consulting group is a bi monthly on line Business Club specifically focusing on pricing and how to price for maximum profit in your business.
How to make your price seem smaller than it really is
This is where we explore in detail price psychology. We work together through dozens of techniques to identify ways of expressing your price so that it seems much less than it really is. Techniques such as:
The power of 9
The power of 7
The contrast principle
Don’t reveal the headline price
Left digit management
When to use verisimilitude
The price-order effect
And much, much more.
You can join the PCG at any time as each session is stand alone and will provide massive value.
Sessions are bi monthly on the 2nd Wednesday in the month at 10AM UK time.