“I can’t raise prices because I will lose customers.” The Price of Success “I can’t raise prices because I will lose customers.”

Disclaimer for Finance People Who are you? Keep it simple? Who sells Products? Who sells services? I am going to challenge you to think about your pricing strategy tonight. Price per hour will limit your growth as limited by time

Darren Hickie Started my career as an accounting technician in local government for 6 years. Business Analyst for Anglian Water, New tariffs, Infrastructure upgrade and streamlined the company for shareholders IT Consultant for Shell rolling out SAP across the world from their HQ in London. Founded Develop and Promote in 2006 and grown it to a reasonable size and continuing to grow Contributed to a book called Success in Business and publish every month to my clients Darren’s Dispatch. Published Web book, next out in April Took over a business and sold one. Small property portfolio Author, Trainer, Consultant, Business owner and father of 2

“Great Offer?” Really £150 The average figure for the cost of a UK wedding was put at a whopping £24,000 by Brides Magazine.

“At the Car Wash” A case study of value and perceived value - and why cheapest isn’t always best! Its about perceived value, tell story about car wash in Lincoln One priced at £1.50 Other £5 Which do you think was busy? What do you think about someone doing a wash for £1.50? Scratches, cheap washing liquid, not focus on my car for 1 month later the cheap one had gone out of business.

Perceived Value Perceived value determines the type of customers you attract I have quoted too cheap for a business even thought I had covered enough to make lots of profit from it they turned us down.

“Pricing for Profit” Pricing can put you out of business if you are too high or too low Too high can put you out of market Too Low you will not make a profit

Pricing & Marketing Strategy Pricing is part of your marketing strategy. If you are cheaper then others you need to churn lots of customers but if your price is higher then you might not have as many in comparison and present your service in a different way. Your price will determine the type of customers you will attract and where you will find them. Often this sets the perceived value of your service. If your competitor reduces their price should you? Are you going to get into a pricing war? Today I will explain why you should not and why price reductions are not a good marketing strategy. I am going to change your mindset to increase prices to get the right customer. Always have a premium product that cost little extra to deliver to set a price point and because some buyers prefer the best option with no limitations. Type yes in the chat box if you have a premium price option?

Explain accounts – this is a simple example

I have created a web page to do this for you which I will offer at the end

Explain accounts – this is a simple example GP 33% NP 11%

Reasons why people discount Win sales Lack of confidence in own value Don’t understand inflation

Need another slide to show numbers change for each option increase and decrease

Explain accounts – this is a simple example GP 45.45% NP 27.27

Reasons to Increase Prices Inflation Attract better customers

10 Ways to Increase Prices CRM quoting system Better marketing Add features with no, low cost Compare 3 version of quote Explain increase Put increase in many months ahead Thank and explain increase Fix priced quoting Better packaging Create perceived value compare to competitors

5 Ways to Improved Business

“Offer” Profitable Pricing Workshop Work your own numbers so you understand Your real hourly pay Access to my online calculator Access to my online 5 ways calculator Copy of my Pricing book (when published) The growth percentage (Magic number) How to increase prices for your business Make more profit plan

“Offer” Profitable Pricing Workshops: Nov 9th 13:00-16:00 only £39.99 + VAT. ONLY TONIGHT: Get a FREE Copy of “Get Smart Around Pricing book” (When Published) And... FREE access to my “Price Calculator” Offer Pricing for profit workshop May 5th from 9-12pm and May 10th from 6-9pm for £39.99 + VAT Plus only tonight get smart around pricing book when published in April free Plus free access to my price calculator Fill out the form and return to me tonight

Overview Any questions? Is there anything we haven’t covered? Upcoming courses...