Pricing for Profit: How to Command Higher Prices for Your Products and Services - Paperback

by Dale Furtwengler (Author)

This accessible and practical guide teaches businesses that they can command almost any price they choose by focusing on the value--not the cost--to the customer.

The low price that small businesses feel compelled to offer limits their ability to generate profits which, in turn, slows their response to changing customer needs. Pricing for Profit shows businesspeople how to break out of the stranglehold of industry pricing and earn compensation that matches the true value of the product or service being offered.

In this book, you will learn how to:

• quantify the value of their products or services;
• distinguish between price buyers and value buyers;
• bundle their offerings for competitive advantage and increased customer value;
• and craft a powerful marketing message that communicates value.

Filled with easy-to-use formulas, sample scripts, clear examples, instructive exercises, and more, Pricing for Profit is a must-read for businesspeople who want to generate more unit sales, close more sales overall at higher prices--and make more of the money they deserve with less unnecessary effort.

Front Jacket

Do you feel trapped by "industry pricing"? You don't have to be! You can make far more money than you currently are making with less effort. How? By accurately quantifying the value of your products or services and effectively communicating that value. And, contrary to popular belief, higher prices don't drive customers away; they actually attract buyers, driving up your revenue and profits. "Pricing for Profit" not only gives you the crucial number-crunching skills you need to determine your ideal price, it looks at both the tangible and intangible elements that affect what people are willing to pay--even in a poor economy--and gives you tips for tapping into the values and emotions that motivate people to spend more. Along the way, "Pricing for Profit" picks apart some common misperceptions about why you can't change your price, such as "My company lacks name awareness," "My competitors won't raise their prices," or "My customers only care about price." Don't let these excuses deprive you of the profits you so richly deserve. "Pricing for Profit" then gives you easy-to-use formulas, sample scripts, clear examples, and instructive exercises to help you: - Understand how the attitude of your salespeople and managers toward pricing affects your ability to command higher prices, and use that information to align your hiring practices with your business strategy. - Figure out the one or two aspects of your product that have real value to your customers, and calculate that value in dollars and cents. - Walk away from prospects that don't value what you're offering--and spare yourself the hidden costs of selling to the wrong buyers. - Get a quick reading on what each customer values the most--image, innovation, or time savings--and tailor your message to appeal to each. - Bundle your products or services in ways that sweeten the deal for your customers and significantly increase your average sale. - Close more sales by selling down, starting with a higher-priced offering and working your way down to the lower-priced options. - Craft your marketing message to appeal directly to the customer--and avoid the common trap of talking about what you do. Only 14 percent of the buying public considers price the primary criteria in their buying decision, while 86 percent prefers value over price--and so should you. "Pricing for Profit" is an essential, accessible guide that helps you break out of the stranglehold of industry pricing and quickly improve your profits, your customer base, and your business. Dale Furtwengler is President of Furtwengler & Associates, P.C., a consulting firm dedicated to helping businesses increase profits without adding resources. He lives in High Ridge, Missouri.

Back Jacket

Pricing is one of the most essential, yet least understood, aspects of running a profitable business. Many business owners treat pricing as an afterthought, assigning a hard figure to a vague idea about what the market might bear, or they'll mimic their competitors' prices. But the cost of these pricing strategies can be more than just lost revenue--it can spell financial disaster. "Pricing for Profit" opens your eyes to the "high cost of low prices" and equips you with the knowledge and confidence you need to charge more for your products or services by focusing on their value. If you're offering superior value, you can charge a higher-than-average price that will drive your sales and increase your profits. It's the small business owner's most powerful strategy for making more money with less effort! "Pricing for Profit" gives you the tools you need to make it happen, including: - buyer profiles to help you distinguish between price buyers and value buyers, and create a profile of your ideal customer - formulas for calculating the true value of your offerings - scripts for helping your customers discover that value - bundling strategies to sweeten the deal for your customers and increase your profits - sample marketing messages that communicate value to your market, and much more!

Author Biography

DALE FURTWENGLER (High Ridge, MO) is President of Furtwengler & Associates, P.C., a consulting firm dedicated to helping small businesses increase profits without adding resources.