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Owned and Operated - A Plumbing, Electrical, and HVAC Business Growth Podcast
#158 Pricing Effectively Based On Your Efficiency
Dec 31, 2024
Discover the secrets of strategic pricing and why gross profit surpasses gross margin in importance. John and Jack share their experience with 46% year-over-year growth, highlighting effective marketing partnerships. Learn how handling discounts and boosting inside sales can drive revenue. They tackle common pricing challenges in plumbing and emphasize the need for aligned team perceptions. With insights on operational efficiency, commission structures, and staying ahead of AI trends, this conversation is packed with actionable advice for thriving in the service industry.
41:48
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Quick takeaways
- Strategic pricing management is crucial for profitability, emphasizing the need for a thorough understanding of overhead and operational efficiency to avoid financial losses.
- Implementing effective software solutions, like Hatch, enhances customer engagement and automates workflows, ultimately boosting sales and improving operational processes in the service industry.
Deep dives
Strategic Pricing and Marketing Investments
Pricing should be approached strategically, as mismanagement can lead to significant financial losses. The speaker highlights the importance of open capacity in a business, noting that it incurs tangible costs, illustrated by a recent $130,000 marketing expenditure to drive sales. Effective pricing ensures that customer expectations align with the company’s offerings, allowing for a sustainable operation. Investing in marketing is portrayed as a dual-purpose tool—fulfilling current demand while simultaneously managing potential customer reluctance to commit.
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Listen to the best highlights from the podcasts you love and dive into the full episode