October 2010

Pricing for Profits – Episode #5

by Richard Wilson on October 30, 2010

Richard Wilson talks about how pricing is perhaps the single most high leverage business activity you can focus on as a business owner.  He discusses strategies to increase your average price per sale, profit margins, and the % of those people who choose to upgrade to one of your premium services or products.  (Download this MP4 Video)

Video Transcript/Summary: Changing your pricing is one of the exciting activities you can focus on as a CEO.  Here are some of the tips and strategies suggested within this episode of the CEOTraining.com Show:

  1. Always be testing some new pricing scheme, cross-selling off or up-sell offer, yes always.
  2. Examine your competitors prices and packaging, how could you be different? How could you offer more of a complete solution to your clients than your competitors?
  3. Try to always be raising the average price of your sales of your mid and high level products. Remember that for some products such as e-books you may want a very low entry level price to attract new clients to your sales or product funnel
  4. Less customers & level revenues = more profits… assuming you are not trying to sell a low priced product to get new potential customers into your product funnel

Thanks for joining us, see you next time!

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