Scaling Up Business with Bill Gallagher Discover Your True Pricing Power with Casey Brown
As business owners and CEOs, why are we sometimes hesitant to increase our prices?
In this episode, Bill talks with a pricing expert about pricing strategies for business growth.
Today’s guest is Casey Brown, a speaker, author, and founder of Boost Pricing, which helps companies generate more profit by empowering entrepreneurs and sellers to command the prices they deserve.
Key topics that Bill and Casey explore in this episode:
- How the fear of taking risks hinders confident pricing decisions.
- Bill’s view that pricing at GE was accidental, not deliberate.
- How buyers can lie about pricing, citing customer quotes and invoices as evidence.
- Understanding the customer's buying signal and addressing their concerns rather than solely focusing on price.
- An example where a restaurant increased prices by 10% on less popular items while leaving popular ones unchanged.
- Challenging the idea that charging more than a certain amount is somehow "breaking the rules."
- How small price increases can have a significant impact on a company's bottom line.
- How best-in-class companies focus on operational delivery, but often neglect to consider pricing power and its potential impact on profitability.
Chapters in this episode:
(8:15) The psychology behind pricing strategies.
(14:07) Pricing strategies in various industries.
(18:01) Maintaining trust with clients.
(21:37) Pricing strategies and addressing customer objections.
(27:16) Raising prices on less sensitive items while keeping prices low on core products.
(31:10) Pricing strategies and psychological factors that influence consumer decisions.
(38:06) Pricing strategies that focus on value.
Thanks to Casey Brown for being on the show!
Connect with Casey on LinkedIn: https://www.linkedin.com/in/caseybrownboost/
Learn more about Boost Pricing: http://BoostPricing.com
Bill Gallagher, Scaling Coach and host of the Scaling Up Business podcast, is an international business coach who works with C-Suite leaders to achieve breakthrough growth.
Join Bill in the Growth Navigator Coaching Program: https://ScalingCoach.com/workshop
Bill on LinkedIn: https://www.LinkedIn.com/in/BillGall
Bill on YouTube: https://www.YouTube.com/@BillGallagherScalingCoach
Visit https://ScalingUp.com to learn more about Verne Harnish, our team of Scaling Up Coaches, and the Scaling Up Performance Platform, which includes coaching, learning, software, and summit. We share how the fastest-growing companies succeed where so many others fail. We help leadership teams with the biggest decisions around people, strategy, execution, and cash so that they can scale up successfully and beat the odds of business growth.
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This episode was produced by Story On Media & Marketing: https://www.successwithstories.com