From the Far Eastern Shore of Maryland
Hey ,
“The single most important business decision in evaluating a business is pricing power,” investor Warren Buffett said.
“And if you need a prayer session before raising price, then you have a terrible business“
- Pricing power is mission critical.
- Pricing power determines whether a business can achieve their desire prices.
- It also determines the degree to which a brand can earn a premium price.
What is pricing power?
Pricing power refers to a company’s ability to raise prices without reducing demand in their products or services. The more pricing power you have, the easier it is to raise prices.
Pricing power is dependent on the type of products you sell. Companies that sell exclusive products tend to have significant pricing power, while companies that sell more common products suffer from traditionally low pricing power.
Hotel bookings, flights, Uber rides—all of these products and services have pricing that is subject to change based on the scarcity of the good. For example, if it’s a peak hour for Uber ride requests in an area, the service will increase the price of a ride because there are fewer drivers available.
Scarce products have a lot of pricing power because there are limited resources as well as high demand. When a product becomes less scarce, it will likely lose some of its pricing power and see a decrease in demand.
But Vance, I don’t own a hotel, airline or ride hailing app, how can I achieve pricing power in my business?
Great question, glad you asked.
In tomorrows free training; How To Increase Your Prices Without Losing A Customer, I am revealing how EVERYTHING in your business revolves around price, including:
- The lies marketers tell you about needing more leads and clients. I debunk them all
- How to raise prices without losing one client
- Why profit is the only metric that matters
- The most important aspect of pricing
- Price positioning: Should you be high, low or average? The answer will amaze you
- How price affects profit more than costs
- The 2 mission critical factors to setting your prices. Without these, you are doomed to a lowbank account and dwindling customer base.
- How to use the awesome power of scarcity to command high prices
- How “place” defines price.
- Differentiation versus Discrimination: Should heavy people pay more to fly?
- How not to get caught in the Bundling, unbundling, volume and multi person pricing trap
And much, much more!
Now more than ever, pricing, how you perceive price and how you present price are mission critical to your survival.
Don’t make the mistakes that so many other companies do; under valuing your worth to your clients, not understanding ‘business math’ and finally LEAVING MONEY ON THE TABLE with every transaction.
Inflation is not coming down anytime soon. It is VITAL that you execute your pricing strategy with the precision of a brain surgeon or rocket scientist (pick your analogy).
Reserve your seat here => Click this really red font <=
Remember, you won’t profit unless you implement,
Vance “Makin’ more from less” Morris
➡️🎟️Tickets Available for The 2023 DSNi XPerience event at Walt Disney World. CLICK HERE for all the deets! 🎟️🎟️
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Whenever you are ready… here are a few ways I can help you.
📑The XPerience System Report: 💵A publication like no other. The world’s only source of monthly Customer Experience and Response Required Marketing strategies to build your business. Delivered to your front door every month. Get 13 weeks for just $49.
📚FREE copy of my book Systematic Magic📚: 7 Magic Keys To Disnify Any Business. Out-Market, Out Serve & Out Price your competition in any economy. Get a step-by-step blueprint on how to adapt Disney’s strategies to your business. You can do that here: Free Book
🙋Work with me one-on-one🙋: Every year, I have the capacity to work with just a handful of private clients to work with me creating your ultimate client attraction, client experience and client retention processes. You can schedule a free discovery call here: Talk with Vance
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