Price setting is a thought process not a mathematical calculation. Often when people ask me how they should know what to charge they expect me to give them a formula to make the calculation. Price setting isn't as simple as that. Companies that treat it as a math problem are…
The new year is a new opportunity to take those important steps towards better profitability in your business. The fastest route to that is by improving your pricing. The question is what can you do? In this episode of Live with the Pricing Lady I'll share with you 5 (pricing)…
Many clients ask me the question "How do I know when to change my prices?" I realize that they are asking mostly because they are afraid to do it. Often they know it's time but the fear of losing even one customer is so horrible they can't reconcile it in…
Do you know the value delivered to customer(s)? Reality is if you don't value what you deliver your customers, chances are no one else will either. Too often business owners don't really believe in what they deliver. On the surface they say and do seemingly the right things, but at…
When it comes to customers asking for discounts the urge to simply say yes can be hard to resist. Let's face it's an easy thing to do. And an easy way out of what feels like a difficult discussion. Sometimes you're even tempted to preemptively offer a discount. However the…
One of the things that holds many service providers back in their pricing is the idea that the value of their services is directly proportional to the time it takes you to deliver the service. Here's what I say... "Time is just the wrapper your service comes in." Think about…
Years ago one of my bosses came to me and said, "Janene, you've got to help me. The management team is having a heated debate about what's more important value pricing or transactional pricing. As I'm not the expert, I need to know what to tell them. So, which is…
Price and brand are intricately connected. Both topics drive perceptions and customer behavior. As a business owner you need to understand how they influence what people do and what they're willing to pay. We need to understand why so many are willing to pay more for brands and what that…
A Pricing Strategy is the first step to setting your prices. More than that it will help you steer your business in the right direction and ensure that your pricing is setup to support your business objectives. Without one it's like playing the children's game pin the tail on the…
Often when clients come to me they believe that just because they are selling to different countries they HAVE to offer different prices. My answer is always..."It depends." This week on Live with the Pricing Lady I've got special guest Adelina Stefan. Adelina focuses on Career Coaching for Expats. She…
It's true employees don't automatically make the best entrepreneurs. There's a lot that needs to change in mindset, behavior and skills in order to make it work. It's also different when it comes to pricing and selling. For most it's painful at times, there's lots to learn and it's a…
Most business owners have war stories about when times were tough, when they took a risk and it didn't pay off. Money & pricing are often an areas that people struggle with for a long time in their business. There are things you can do to make sure that you're…
Wanting to serve others is a noble cause and what drives many practitioners to start their own business. It can also lead to conflict that's hurting your pricing. Many people in this area feel a conflict between making a good living wanting to help others. It get's in the way…
Knowing the profitability of you business is critical. As a new business you need to be able to test out your business model and understand what you can earn. Even if it's feasible to earn enough. As an existing or growing business you need to know if you're going to…
Coaches in general are pretty terrible at valuing themselves. Combine that with the fact that there are coaches who charge everything from 0 to 10's of thousands of dollars or more and it's easy to see why they struggyle to find the right price. It's important for you as a…
Typically when I talk with people about price setting there are two default approaches. Either "cost plus" (mostly product based businesses) or "versus the competition" (most often for services). Both ignore the customer and value. Good price setting will at least consider value. The best pricing is based primarily on…
Many businesses offer discounts. The question is are they communicating them in a way the enables them to hold the value of their offer? Or are they simply destroying the value of what they offer. In this show we'll take a look at how your discounting habits can destroy value…
Pricing is an underutilized business tool, despite the fact that it’s the biggest profit lever. It can make or break your business. When done well it will help you meet your business goals. When done poorly it’s the thing that's silently sabotaging your business behind the scenes. It’s your choice…
Very often clients come to me and have very low prices. They've underpriced themselves to the extent it's nearly impossible to have a thriving business. The math just doesn't add up. When we start talking about their pricing and where they want to go they often respond with "I want…
Sometimes (and we've certainly seen it this year) the market changes and when it does it's always necessary to ask yourself, should my prices also change? This week on Live with the Pricing Lady, I've got special guest David Franzen. He's the co-founder and CEO of Nocto. Nocto is a…
Feeling confident in all aspects of you pricing is critical to success and handling pricing with more ease. Too many small businesses feel not just a lack of confidence but at odds with their pricing - they are in a battle with it. In order for your business to succeed…
I get it. We all want to serve as many people as possible. Often we feel that if we narrow the customers we're targeting down too much we'll not do enough business. Reality is that in doing that we make pricing much more complicated than it needs to be. My…
The price is important. How you communicate around that price can be even more important. What you say DEFINITELY affects what customers are willing to pay. This week on Live with the Pricing Lady we're going to take a closer look at how the language we use can affect a…
One comment that nearly every guest on the show has shared with me is that when they started out they underpriced themselves. Usually this is a result of undervaluing what you offer. This shows up in many ways and the first step to correcting the problem is identifying that there…