Owner To Owner Podcast Jon Manning from Pricing Prophets on unlocking profitability through pricing strategies.
@Michael Kerr and @Jon Manning on why #pricing is the biggest lever for improving profitability. They discuss using pricing strategies as a highly effective way to increase small business profitability. They explore the #psychology behind pricing, the common hesitations business owners face when considering price increases, and the importance of effectively communicating these changes to customers.
They cover innovative pricing tactics, the significance of choice architecture in proposals, and the necessity of establishing a systematic pricing cadence.
Key takeouts;
- the need for businesses to understand their value proposition
- how and when to reassess pricing models to ensure sustainability and growth
- why business owners need to engage in meaningful discussions with their customers about value and pricing
- the importance of understanding the different 'business unit' within a business when considering price changes
- the psychological aspects of pricing that affect customer perceptions
- how reframing pricing discussions as value conversations can help
Chapters
00:00 Introduction to Pricing Strategies
09:37 The Psychology of Pricing and Business Owner Hesitation
18:34 Communicating Price Changes Effectively
23:07 Understanding Customer Value and Pricing Conversations
31:08 Reassessing Pricing Models for Profitability
37:41 Understanding Pricing Complexity
40:00 Innovative Pricing Tactics
47:12 The Power of Choice Architecture
55:48 The Psychology of Pricing
01:01:39 Establishing a Pricing Cadence
01:10:26 Government and Pricing Dynamics
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Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.
michael.kerr@kerrcapital.com.au
www.ownertoownerpodcast.com.au