))
3 Things You Must Do When Planning Price Increases
Manage episode 386145546 series 3390105
Content provided by Janene Liston. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Janene Liston or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.
Ever wondered what key steps businesses often overlook when they're raising their prices?
In this episode, we'll take you through three critical aspects of pricing that businesses frequently overlook when adjusting their prices. Whether you're considering raising or lowering your prices, it's easy to overlook these things. Often people are afraid to change prices especially raise them and postpone it as long as possible. When they finally do it they take big risks by applying a "rip off the bandaid" approach. Trying to get it done before they panic and decide not to. In that process, they skip some really important steps that help the increase be more successful.
I'll break down the misconceptions and offer practical advice on how you can do this more effectively.
Discover the power of differentiation – why it's essential to vary price increases across your offerings, rather than applying a uniform rate. Learn how mastering the math behind pricing can give you the confidence you need to make informed decisions. And we'll look at price communication – when to make clear communications and when a subtler approach is more suitable.
Enjoy the episode. Don't miss out on the knowledge and strategies that can reshape your business's future.
Podcast Highlights
- 0:00 Intro
- 1:54 Overcoming Fear and Taking Strategic Steps
- 5:15 The Critical Role of Pricing Math
- 8:24 Knowing When and How to Share Changes
- 10:21 Wrapping it Up
Episode Links
LinkedIn Article: The Boulder of Pricing Inaction
Tool Recommendation: Pricing Tool Kit
Don't go yet. If you're enjoying the show please rate and review. It helps us spread the word to more people and ultimately get more small businesses on the path to sustainable profitability and business success. Thanks for Listening.
*********
Reach Out, Connect or Book a Call with Janene
Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the the self assessment Pricing Scorecard (www.thepricinglady.com/pricing-scorecard). Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.
Get in touch with Janene. If you’ve got a question that needs answering, a challenge you’re facing or you have suggestions for future topics or guests, let me know. Contact Janene (https://thepricinglady.com/contact/)
Transform your business and life. My business is about helping you build a better business. One that’s profitable and where you can confidently charge for the value you deliver. Let’s see how we can work together. Book a complimentary Discovery Call today! (www.thepricinglady.com/book-a-call)
94 episodes
Share
