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Getting your pricing strategy right is crucial to business success. And though it might seem as simple as choosing a random number - it’s not. Pricing is more complex and understanding the psychology behind your customers’ buying decisions plays a huge role in getting it right. If your prices don’t match the perceived value of your products, you might lose customers, miss out on sales, or damage your brand's reputation.
So, how do you price your products so you can hit your goals?
What common pricing mistakes should you avoid?
And how do you make sure that your pricing strategy keeps you competitive in the long run?
In this episode, Adam Wallace and I explore the fine “art” of pricing and its critical role in business growth. He shares the psychology behind pricing decisions, the impact of prices on customer perception, and shares strategies to optimize pricing for maximum profit.
Adam is a Price & Earnings Optimization expert and has spent years unlocking pricing power for products and services. After more than a decade as a corporate fixer, joining Fortune 100 leadership teams to capture additional value on multibillion-dollar ventures, he now serves as an interim executive and board member for private companies
We discuss: (timestamps)
03:13 Understanding the psychological and emotional side of pricing
09:30 How pricing affects perceived value and customer satisfaction
10:58 Why copying competitors' pricing strategies can hurt your business
16:05 Customer feedback is just one piece of the pricing puzzle
19:34 How small businesses can win by focusing on niche markets
26:26 Targeting untapped markets by focusing on customer groups
28:54 How our perception of pricing is shaped by what we value
29:15 Why focus and clarity are key to value-based pricing success
31:43 How buyer urgency can impact pricing decisions
32:01 Setting first sale value precedents
38:28 Optimizing Your Pricing to Drive Business Growth
46:01 Actionable Steps to Improve Your Pricing Strategy This Week
Resources:
Adam Wallace, Price & Earnings Optimization:
www.AdamWallace.com
LinkedIn:
https://www.linkedin.com/in/propertyofwallace/
Email:
Adam@AdamWallace.com
Author:
(Re)Value: Raise Your Prices and Build Your Legacy (Business Expert Press; July 22, 2024)
Kathy Svetina, Fractional CFO:
https://www.newcastlefinance.us/
Blog post | The Art and Science of Pricing
https://www.newcastlefinance.us/listen/the-art-and-science-of-pricing/
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