Pricing Table Topics: Jack of Diamonds – You’re Not Charging Enough

This one is the Jack of Diamonds from the Impact Pricing card deck.

It's true. If you're winning them all, you're not charging enough. First, you have to believe that every buyer is different. Every buyer has a different willingness to pay. If every time you go bid on someone and you know that they have a different willingness to pay, and yet you always win, that means that most of your buyers, if not all of your buyers, were willing to pay you more.

In fact, it's probably a fair assumption that every time you win a deal, you left money on the table. The buyer was probably willing to pay you a little bit more, or a lot more, than what the price was you finally settled on.  What that says to me is that if we never ever lose, we're nowhere near that price point that says, Hey, we're losing the right number. 

So, once again, if you were to raise your price by 1% that has a 10% impact on profitability, potentially, and probably zero impact on sales because you're winning everything already. And even if you lost a couple deals, you're not going to lose 10% of your deals. And so, that's a really smart thing for you to be doing if you're after more profit, which I hope you are. 

And so, look at your win ratios. Are you winning every deal you go after? And if you are, raise prices.

We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our playing cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. And, you can play games.

If you have any questions or feedback, please email me, mark@impactpricing.com.

Now, go make an impact.

 

Connect with Mark Stiving: 

• Email: mark@impactpricing.com
• LinkedIn: https://www.linkedin.com/in/stiving/