Send us a text One of the people I had on the show earlier on observed that Coaches are terrible (in general) at valuing what they bring clients and it has a terrible impact on what they do with their pricing. This isn't really their fault. With good intentions the coaching programs sometimes provide business advice, like what to charge clients. But this isn't their expertise, often the advise is lacking and sometimes even detrimental to the process of building a coaching business that will be t...
Sep 05, 2022•19 min•Season 2Ep. 16
Send us a text Most of the time the biggest thing standing in your way is you. Often it's subconscious and so your job is to start recognizing when you're in your own way and figure out how to shift things so you can progress. It's also true when it comes to doing pricing in your business. Your mindset, your understanding of pricing and you're ability to work through the blocks that are in your way are tantamount to you getting where you want to go. That's been true for me, for nearly any busine...
Jul 18, 2022•28 min•Season 2Ep. 15
Send us a text What are the things that businesses do well to improve their pricing? That's a great question. I often speak about the mistakes people make but this time I wanted to focus on what you can and should be doing with pricing to help you. We are in unprecedented times, things are changing so fast around us we can example after example of how those who are most adaptable are the ones who come out on top. Looking at best practices in pricing can help you make sure you're focusing on the ...
Jul 04, 2022•18 min•Season 2Ep. 14
Send us a text One of the biggest mistakes small businesses make is not understanding what it is going to take to achieve the profitability they want to make. And yet it is so important to building a successful business. When you don't understand what it will take to achieve your goals (maybe you don't have goals), how could you possibly be doing the right things ...the answer is... You can't. That's what my guest on this episode, Maryia Ramanava, shared with us. It was only after having achieve...
Jun 20, 2022•34 min•Season 2Ep. 13
Send us a text One of the questions I get most often from people is when should I start looking at pricing. Most experts, myself included will tell you as early as possible. Why? Because you need it to understand the profit story of your business. To understand what it will take to be profitable. To explain to investors, partners, banks and others how effective your business model is. You can't do that without having had a real good look at pricing. But most, way too many businesses leave it to ...
Jun 06, 2022•22 min•Season 2Ep. 12
Send us a text Many businesses use cost plus pricing to determine their prices but what is the role costs in pricing? Cost-plus pricing is one of the most widely used methods for setting prices, but it also more often to not leads to over- and underpricing. While understanding costs is important to having a successful Pricing Strategy and understanding your profit story, relying on them too heavily puts your business at risk. It begs the questions what is cost-plus pricing. what are the disadvan...
May 23, 2022•15 min•Season 2Ep. 11
Send us a text "For a long time pricing was this great big mysterious thing. I didn't understand where the numbers came from." If you feel or felt this was then you're not alone. Pricing is rarely taught, in fact most people don't even know there are people out there who are experts. Your job, one of them, as a business owner is to demystify pricing so that it's not so difficult for you to do. Learn what you need to know and figure out how to make it simple for your business. As I discussed with...
May 09, 2022•34 min•Season 2Ep. 10
Send us a text Avoiding everyone-itis is a better path for most small business owners. Certainly better than being a generalist. "Who's your target customer?" I asked. " Well, anyone." They responded with proud smiles. "Oh no...here we go." I thought to myself. When it comes to starting or running a business nearly every program, coach or consultant will ask you who are you targeting. There's a really good reason for that (hint: it's not to annoy you). It's because the answers to most of the que...
Apr 25, 2022•17 min•Season 2Ep. 9
Send us a text Commonly businesses believe they have to set their prices low to entice customers. However more often than not it can be counterproductive to - in fact it might be what's keeping people from buying. They just don't believe they'll get the value, because the price is so darn low. That's what my guest learned and shared with us during this episode. She was advised to raise her prices and when she did her conversion rate shifted. Maybe the price was better aligned with expectations. ...
Apr 11, 2022•27 min•Season 2Ep. 8
Send us a text There are three types of discounts effective, ineffective and unnecessary. Most small business could benefit from being more careful about the discounts they offer and when. In fact, when it comes to "leaking" profits, poor discounting habits are often the biggest drain on your profits. It makes sense to put more rigor and thought behind what you're doing. Preparing in advance for what you will do and when, and having a clear internal policy for your team (if you have one) will he...
Mar 28, 2022•17 min•Season 2Ep. 7
Send us a text Over the years I have heard the battle cries from businesses and sales people about how the competition has such low prices . "It's killing our business. What can we do?" They cry. Often they feel defeated and like they don't have a chance to be successful because these "cowboy" competitors are in the way, with their very low prices. "Shouldn't we lower our prices too?" They ask. Not necessarily, in fact more often than not, it isn't the best solution. Just because the competition...
Mar 14, 2022•16 min•Season 2Ep. 6
Send us a text "Sometimes it's just as simple as asking for more." These are words to live by in life and in pricing for your business. Most young businesses start out underpricing. This happens for a variety of reasons by design, lack of confidence, untested offers, their offers often have lower value. But most come to a point in time where they know they must raise their prices. That's when fear often gets in the way. Reality is if you don't test the waters and ask for more you'll never know w...
Feb 28, 2022•26 min•Season 2Ep. 5
Send us a text Ease-based pricing. No it's not a technical term but it some that many people do at the start. For example hourly based pricing can feel like the easy thing to do. The question is, is it the right thing to do? If you do it just because it's easy, it's probably not the right thing to be doing. And just think of all those years you've spent getting great at what you do or your product does. The schooling, the hours of learning, experimenting, getting it wrong, getting it right and m...
Feb 14, 2022•25 min•Season 2Ep. 4
Send us a text Pricing versus the competition may seem like the best and sometimes easiest thing to do in some businesses. In other businesses, where there's less price transparency, it may feel like you're missing out on a key piece of price setting information because you have no idea what the competition charges. Of course the competition is an important pricing consideration for many but what does it mean for your business? Can you only know what price to offer when you know the competition?...
Jan 31, 2022•12 min•Season 2Ep. 3
Send us a text Making the shift from job to entrepreneurship can be tricky. Pricing is one area where most people have no idea where to start. They end up making it up as they go along, which leads to mistakes & a lot of wasted energy. Finding the right prices is more difficult than needed and the uncertainty in your prices makes communicating them feel incredibly awkward. Of course, learning the hard way may also lead to some great successes. Probably with more pain than necessary along the...
Jan 17, 2022•24 min•Season 2Ep. 2
Send us a text Aligning the price to the value you deliver makes sense. But too often it's simply not the case. Selling a high value offer at a low value price is a situation many businesses find themselves in. Often because they don't understand the value of what they're offering. Sometimes that's combined with a lack of confidence in charging the higher price. Either way the result is the same, they're undervaluing their offer. That's what I spoke about in this episode with Amanda Berlin, she'...
Jan 03, 2022•28 min•Season 2Ep. 1
Send us a text It's quite common for people who offer services like coaching or consulting to use hourly based pricing. For most businesses such a pricing model doesn't serve either the client or the business. From the clients they often try to skip important steps that help them achieve their goal. They do so to "save" money but make it hard for to get the results they're seeking. And often you'll find they are less engaged in doing the work. For the business, it means less consistent outcome, ...
Dec 13, 2021•15 min•Season 1Ep. 21
Send us a text Have you ever said to yourself "I can't charge that. I feel like an imposter"? Many business owners have felt that way. If you do then you're not alone. It's more common than you think. It's not bad nor are you stuck with that. When it comes to pricing, most people don't understand the economic value of their offer. Nor do they have a clear way to set prices they feel confident about. Without that how could you possibly feel that confidence you seek. We pile the pressure on oursel...
Dec 06, 2021•24 min•Season 1Ep. 20
Send us a text Price setting is a thought process not a mathematical calculation. Often when people ask me how they should know what to charge they expect me to give them a mathematical formula to make the calculation. Determining the right price for your offer is different. It's a thought process where you look at different aspects to determine which prices are best. Businesses that treat pricing as a math problem are missing one of the most important rules of pricing: Pricing is rooted in a de...
Nov 22, 2021•15 min•Season 1Ep. 19
Send us a text I can't charge people because this isn't my real job. I can't charge because I'm new. I can't charge because they can't afford it. These are just a few of myriad reasons people give for giving things away for free and for setting very low prices. The problem is these excuses are a way to avoid the possibility of someone rejecting your offer. But the questions are, will these excuses get you where you want to be in a reasonable time frame? The simple answer is, no. None of these ar...
Nov 15, 2021•29 min•Season 1Ep. 18
Send us a text Everybody loves a sale. But that doesn't mean it's right for your business. As we head into the seasons where retailers start dropping prices it's tempting to use similar tactics in your small business BUT is it the right thing to do for your business? Great question! As my mother used to say, "Just because everyone else does it doesn't mean you have to." We're exposed to this tactic all the time as consumers but it's a flawed strategy for most small businesses. In fact, most busi...
Nov 08, 2021•13 min•Season 1Ep. 17
Send us a text Dirty, disgusting discounting habits. They are killing your business and it needs to stop…now. Have you ever granted a discount because: it was easy, you felt ashamed of your prices, guilty to charge that much, anxious or afraid to ask for it, too lazy to stand up for your value, to be “fair”, or to prevent objections? If so, you’re not alone. These nasty discounting habits seem harmless and many people fall victim to them.. But just because others do it, doesn’t mean you should t...
Oct 25, 2021•13 min•Season 1Ep. 16
Send us a text Price and brand are intricately connected. Both topics drive perceptions, willingness to pay and customer behavior. As a business owner you need to understand how your brand influences what people do and what they're willing to pay. As well as how the price impacts your brand. When you under the role they both play and the way in which they influence purchasing behavior you'll better understand your business. This week on Live with the Pricing Lady I'm talking with special guest, ...
Oct 17, 2021•25 min•Season 1Ep. 15
Send us a text Knowing when and how to raise prices in your business can make a huge difference in your profitability. There are many signs that cue you in it's time and reasons to do so. Many clients ask me the question "How do I know when to change my prices?" Often they are asking, because they know it's needs to be done but aren't sure why and how. The fear of losing even one customer is so big they can't reconcile it in their minds. As a result, many small businesses avoid raising prices un...
Oct 11, 2021•15 min•Season 1Ep. 14
Send us a text The adversity of your thinking is something you will need to overcome at times. When it comes to your business (and pricing and nearly all things in life) you'll be faced with challenges. Some will exist due to your own thinking. Change your thinking and change the quality of your mind. Often being able to overcome the adversity of your thinking is what allows you to finally move forward when your stuck or find the courage to do what is needed to get where you want to go. I rememb...
Oct 04, 2021•22 min•Season 1Ep. 13
Send us a text Do you know how what you say impacts customer willingness to pay? Clarity of message is key in all things, and pricing is no exception. A customer's willingness to pay for something can be fickle. That's one reason why an important part of pricing is to consider the message. The message your prices deliver. What message you deliver with your prices and the message your actions around pricing communicate to your customers. You're communicating a lot! Whether you realize it or not, ...
Sep 27, 2021•22 min•Season 1Ep. 12
Send us a text Entrepreneurs often say, "I'm not ready to talk about pricing yet." I have more to do first. Even though they've been at their business for months even years. Unfortunately too many businesses leave PRICING to the last minute and then suffer the consequences. Often their profits suffer. In this episode of Live with the Pricing Lady I share 3 reasons why it helps you to start with pricing early on. When you understand what it helps you to do or avoid then you'll see why it's import...
Sep 20, 2021•13 min•Season 1Ep. 11
Send us a text When you know thy customer it's easier to know that price. The number one mistake businesses make with their pricing is: …not taking the time to understand the customer. This usually comes in two forms, they are trying to target "anyone" or they are moving forward with untested assumptions about customers. This makes it very difficult to find prices that fit customers. Beyond pricing is makes developing the right offers, marketing them and selling them a bigger challenge than nece...
Sep 13, 2021•17 min•Season 1Ep. 10
Send us a text Pricing behavior is fascinating and it is influenced by many things – like geography, culture, upbringing, industry etc. We can learn so much by simply observing the world around us. Many years ago I was in Egypt at one of the markets and there was a stall with at least a dozen signs that read things like “hassle free pricing” and “hassle 10% extra”. It was also in multiple languages. I still have the photo too. Now if you’ve been to a market in Egypt you know haggling is part of ...
Sep 07, 2021•21 min•Season 1Ep. 9
Send us a text Raise profits (or even maintain)...that's an important part of growing your business. To do that you've got to understand the things that influence your profits and know how best to leverage them. Your goal isn't to raise profits just because you can. It's to do so in order to continue to be there for your customers. To build your business, shift and evolve and for some of you it's about leaving behind that your legacy. - How many profit levers does a business have? - Do you know ...
Aug 31, 2021•14 min•Season 1Ep. 8
