Pour on the Value to Boost Profits
Episode 62 | Live with the Pricing Lady (Thursdays 15.00 CET)
Small businesses spend way too much time and energy trying to lower prices and not nearly enough finding ways to get better prices. Even when they know their prices should be higher they're often afraid of raising them and instead do nothing.
There's nothing to fear when you know what to do and how. The trick is to pour on the value.
In this of Live with the Pricing Lady my expert guest, Leslie Hassler the Small Business Scaling Strategist, shared with us a business case of increasing prices. The reality is there are many ways to get better prices in your business and to achieve it without upsetting customers. Sometimes upsetting customer isn't a bad thing either.
Leslie is a dynamic author, speaker, and business strategist guiding women-owned, service-based businesses into more profits, cash flow, and success using her unique Scaling Rich™ Method. She's going to share with us how they "poured on the value" to achieve better prices and bigger profits.
Here's what we covered:
- 0:55 Who's Leslie Hassler
- 2:01 Why value is important
- 3:21How to define the value
- 6:45 Why is it so hard to define
- 7:36 The business case
- 13:04 Key elements to raising prices
- 13:46 Afraid of "rocking the boat"
- 14:54 Price is a mindgame
- 16:21 Leslie's own pricing journey
- 17:41 It's sustainable
- 18:26 Leslie's biggest pricing mistake
- 21:56 What she wishes she knew when she started
Favorite quotes from this episode:
When you understand pricing and profit, "you feel in charge, instead of the money being in charge of you." Leslie Hassler
When defining value, "we tend to sell the work, but few customers actually want more work to do." Leslie Hassler
"Pricing is to profit like iron is to blood." Janene Liston
"Value is an unseen fiber that runs through your business." Leslie Hassler
Contact Leslie at www.yourbizrules.com
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Until next time Enjoy Pricing!