Price is the most significant factor affecting the profitability of every business, profit centre or department. When the pressure is on to perform or grow, your instinct may be to discount, undercut your competitors, cut costs and promote through price. Yet these are often the last things you should do. Pricing for Profit is the most practical guide on pricing available. Using a firm, profit-focused framework developed running real projects for real businesses, this book shows you how by getting your pricing structures right you can make a huge difference to your bottom line. It gives…mehr
Price is the most significant factor affecting the profitability of every business, profit centre or department. When the pressure is on to perform or grow, your instinct may be to discount, undercut your competitors, cut costs and promote through price. Yet these are often the last things you should do. Pricing for Profit is the most practical guide on pricing available. Using a firm, profit-focused framework developed running real projects for real businesses, this book shows you how by getting your pricing structures right you can make a huge difference to your bottom line. It gives business owners, managers and leaders simple, achievable pricing strategies that will deliver sustainable business growth. Can you afford to leave money on the table? If not, Pricing for Profit is the guide for you.
Peter Hill is an accountant and business consultant and a partner at Mark Holt and Co. Chartered Accountants and Healium LLP business growth specialists. Hill also runs business seminars on pricing and profit improvement across the UK and internationally, for major banks, including Lloyds, Barclays, HSBC.
Inhaltsangabe
Introduction 01 Pricing in context How any business can improve its bottom line The four ways to grow a business Why people fail to see the problem as a price issue Summary Action points Reader challenge 02 Why is pricing so difficult? The importance of knowledge and training How to avoid the impact of your bad experiences Blindly copying the big retailers Limited financial understanding of how profits are made People's desire to please, and their freedom to do so People need to be properly motivated to change Summary Action points 03 The remarkable benefits of getting pricing right Understanding what you actually charge at the moment Increasing the headline price (but with added value) How you can charge more when you guarantee value Making sure your frontline people understand the profit equation Summary Action points 04 How most businesses price and why these methods are wrong Cost plus pricing - the fundamental flaw Undercutting competitors - it simply cuts your profits Last year's pricing plus a bit - the bit is never enough Best guess pricing - it's just a stab in the dark Value to each customer - the only pricing strategy that really works Summary Action points 05 Understanding value versus cost The Value Scales What happens when the scales don't balance? How to balance the scales The dissipation of value over time The importance of discussing value with customers Summary Action points 06 Packaging for higher prices The four ways to maximize each sale Using price to up-sell and cross-sell Offering choices increases the value of the sale Alternative price options affect the perception of value of all options Setting price differentials properly The price of pain Summary Action points 07 Customers don't always want the cheapest Increasing prices doesn't automatically mean losing customers Summary Action points 08 Exploding all of the myths about pricing Myth: Customers only want the cheapest Myth: Loss leaders work Myth: A 50 per cent off sale is a 50 per cent off sale Myth: Presentation of the price doesn't matter Myth: All prices should end in a '9' Myth: The best person to set the price is the salesperson Myth: Setting prices is a once a year decision Myth: Every customer is worth having and every sale matters Myth: Raising prices loses customers Summary Action points 09 Using guarantees to get increased prices Risk versus reward Price-match guarantees Using guarantees to add value to your side of the Value Scales Offering options with and without guarantees Customers are fundamentally honest Offering a guarantee as an extra Summary Action points 10 Discounting Who is affected by poor discounting practices The financial dynamics of discounting The impact of a small change in discounts Discounting prices to win customers is a myth The top four reasons people discount How to limit discounts When discounting is right Summary Action points 11 Presenting the price properly The impact of the price ticket The significance of clarity Accuracy is key The importance of the actual numbers Presentation of price on bundled items When to reveal your prices Using words for impact Summary Action points 12 Directional pricing The advantages of moving customers to alternative options The pizza example The critical issues to know Setting extreme prices to make other offers seem comparatively attractive Summary Action points 13 Dealing with the human factor Most people running a business are untrained for that role Conscious competency Don't be afraid to get external input The key people in the profit equation Handling your team's need to please customers Helping your team focus on profit Dealing with the human factor in your customers Fear! Summary Action points 14 Getting financial clarity You need to know the numbers Not all customers make you money Steps in the profit calculation Summary Action points 15 Your action plan Have a vision for the future Build your team and allocate resources Set smart goals Just do stuff! Two questions, with answers 16 The final word on pricing for profit
Introduction 01 Pricing in context How any business can improve its bottom line The four ways to grow a business Why people fail to see the problem as a price issue Summary Action points Reader challenge 02 Why is pricing so difficult? The importance of knowledge and training How to avoid the impact of your bad experiences Blindly copying the big retailers Limited financial understanding of how profits are made People's desire to please, and their freedom to do so People need to be properly motivated to change Summary Action points 03 The remarkable benefits of getting pricing right Understanding what you actually charge at the moment Increasing the headline price (but with added value) How you can charge more when you guarantee value Making sure your frontline people understand the profit equation Summary Action points 04 How most businesses price and why these methods are wrong Cost plus pricing - the fundamental flaw Undercutting competitors - it simply cuts your profits Last year's pricing plus a bit - the bit is never enough Best guess pricing - it's just a stab in the dark Value to each customer - the only pricing strategy that really works Summary Action points 05 Understanding value versus cost The Value Scales What happens when the scales don't balance? How to balance the scales The dissipation of value over time The importance of discussing value with customers Summary Action points 06 Packaging for higher prices The four ways to maximize each sale Using price to up-sell and cross-sell Offering choices increases the value of the sale Alternative price options affect the perception of value of all options Setting price differentials properly The price of pain Summary Action points 07 Customers don't always want the cheapest Increasing prices doesn't automatically mean losing customers Summary Action points 08 Exploding all of the myths about pricing Myth: Customers only want the cheapest Myth: Loss leaders work Myth: A 50 per cent off sale is a 50 per cent off sale Myth: Presentation of the price doesn't matter Myth: All prices should end in a '9' Myth: The best person to set the price is the salesperson Myth: Setting prices is a once a year decision Myth: Every customer is worth having and every sale matters Myth: Raising prices loses customers Summary Action points 09 Using guarantees to get increased prices Risk versus reward Price-match guarantees Using guarantees to add value to your side of the Value Scales Offering options with and without guarantees Customers are fundamentally honest Offering a guarantee as an extra Summary Action points 10 Discounting Who is affected by poor discounting practices The financial dynamics of discounting The impact of a small change in discounts Discounting prices to win customers is a myth The top four reasons people discount How to limit discounts When discounting is right Summary Action points 11 Presenting the price properly The impact of the price ticket The significance of clarity Accuracy is key The importance of the actual numbers Presentation of price on bundled items When to reveal your prices Using words for impact Summary Action points 12 Directional pricing The advantages of moving customers to alternative options The pizza example The critical issues to know Setting extreme prices to make other offers seem comparatively attractive Summary Action points 13 Dealing with the human factor Most people running a business are untrained for that role Conscious competency Don't be afraid to get external input The key people in the profit equation Handling your team's need to please customers Helping your team focus on profit Dealing with the human factor in your customers Fear! Summary Action points 14 Getting financial clarity You need to know the numbers Not all customers make you money Steps in the profit calculation Summary Action points 15 Your action plan Have a vision for the future Build your team and allocate resources Set smart goals Just do stuff! Two questions, with answers 16 The final word on pricing for profit
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