Pricing for Profit: How to Develop a Powerful Pricing Strategy for Your Business [NOOK Book]

Overview

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 ...
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Pricing for Profit: How to Develop a Powerful Pricing Strategy for Your Business

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Overview

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 a qualified accountant (both Chartered and Certified) with 30 years' experience. He is a partner at Mark Holt and Co Chartered Accountants and Healium LLP business growth specialists. For over 15 years he has worked as a business consultant, driving up the financial performance of businesses of all sizes. Peter is also a sought-after business speaker and runs business seminars on pricing and profit improvement across the UK and internationally, for most of the major banks (Lloyds, Barclays, HSBC), for the Ran One accountancy network, and for SWAT, the largest UK trainer of accountants.

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Editorial Reviews

Solo PR Pro - Daria Steigman
"Like the best business books, Pricing for Profit is meant to be actionable. Chapters on creating packages, choices, and options offer new ways to think about what you’re offering and how you’re selling. And the entire book is filled with action steps to think through how to implement a smarter pricing strategy for your business. Unless you have the whole pricing equation nailed down, you’re going to find something in this book that you can put to use in your business."
Inc. - getAbstract
"Hill ...discusses common pricing myths, explains how pricing works best and offers easy-to-implement pricing recommendations that could increase your profits. ...getAbstract recommends this smart, pragmatic manual to 'CEOs, finance directors, sales managers, marketing analysts, accountants and strategic planners,' and to anyone who sells a product or service."
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Product Details

  • ISBN-13: 9780749467685
  • Publisher: Kogan Page, Ltd.
  • Publication date: 7/3/2013
  • Sold by: Barnes & Noble
  • Format: eBook
  • Pages: 208
  • Sales rank: 875,634
  • File size: 2 MB

Meet the Author

Peter Hill is a qualified accountant (both Chartered and Certified) with 30 years' experience. He is a partner at Plymouth-based Mark Holt and Co Chartered Accountants and Healium LLP business growth specialists. During the last 15 years he has worked on projects UK wide as a business consultant driving financial performance. Peter is also a sought after business speaker and has run many business seminars across the UK and abroad, on all aspects of profit improvement and pricing - for most of the major banks (Lloyds, Barclays, HSBC), for the Ran One accountancy network, and for SWAT, the largest UK trainer of accountants.
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Table of Contents

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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