Is Pricing Low A Good Idea?

Especially when starting up a business the perceived wisdom can be that you should price low. If you price low you can win more customers. More customers mean more sales and that’s the key to success……or is it? The tendency is to think I’m new, I’m small, I can do it cheaper. But in fact there are four problems with this thinking. One of the most common mistakes made by business owners is to underestimate their costs. Small businesses generally don’t have the right attributes to be able to get significant cost reductions in comparison with […]

4 Tried and Tested Ways To Ensure You Get Your Pricing Right

There’s no doubt that applying the right pricing to your business can help you make more profit. In fact, McKinsey, the global consulting firm, suggest that pricing has a bigger impact on a company’s profit than anything else. How can you make sure you’re making the right pricing decisions that make you the most profit? Read on to gain insight into pricing anchors and then 4 tried and tested ways for you to successfully apply them to your business. Pricing Anchors… Anchoring is profoundly important to pricing for profit. Here’s why… A product is never really […]

3 Strategies To Give You A Competitive Advantage!

Porters 5 Forces

In a recent article we looked at Porter’s Five Forces to show how you can analyse your competitive environment. Of course once you’ve done the analysis you need to come up with a strategy that will help you get an advantage. Porter identified three generic or basic strategies that a business could choose between. Cost leadership Differentiation Focus This is about producing your goods and costs at the lowest cost in your industry. Then you sell them at the same price as everyone else and get the benefit of the extra profit. Or you use your […]

One Tip That Will Help You Convert More Sales

Whatever you’re selling, one question your prospective customer will be asking is: how do I pay for this? This could range from wondering if payment plans are available through to which credit cards you take. Face the facts… The reality of modern life is that many people don’t carry cash or use chequebooks. That’s especially important to realise if your customers are the general public. If you don’t have card facilities you could be missing out on a huge swathe of potential customers. If you have an e-commerce website then make sure you have a wide […]

5 Proven Growth Strategies To Grow Your Business

5 Proven Growth Strategies To Grow Your Business

Most of us accept that standing still with our business actually means falling back. We see the need for business growth. And when we start a business from scratch then we’re especially keen to see that growth. But you ask; how do I get that growth? The answer is to have a growth strategy in place. And in this article we take you through 5 proven growth strategies that will grow your business. What’s a growth strategy? Put simply it’s a roadmap for your business that shows where you are now and where you want to […]

Take Time To Find The Right Pricing System For You And Your Business

In his brilliant book, Priceless – The Hidden Psychology of Value, William Poundstone has done a fabulous job of pulling together some of the best science about pricing. Pricing can be a difficult subject to tackle and even more difficult to get right, both for a multi-million euro company or the local hairdresser. Buyers… Buyers are now more savvy. They have more options and they can very easily compare your price to the competition. Therefore their expectations are much higher. But if you get your pricing right then you can tap into the higher profits your […]

5 Ways To Generate More Potential Customers

5 tips for getting new customers

Often a business will rely on just one or two ways to generate leads; perhaps using traditional newspaper advertising and having a website. It’s likely that whatever you are using works or you wouldn’t be using it. There can, however, be a number of ways to reach your potential customers. And the best ways to reach them changes over time. This means it’s good to periodically review your methods and try new ones. Then when you find something that brings some results, milk it for all it’s worth! For instance, here’s 5 simple ideas to get […]

Are You Taking Needless Risks In Your Business?

You wouldn’t dream of climbing on board an aircraft if you knew the pilot was going to ignore the pre-flight checklist because they’d ‘done it before’. Would you allow a surgeon to operate on you or one of your children if they didn’t follow the recommended World Health Organisation (WHO) surgical checklist that has saved many lives in many countries? So why do businesses allow certain mission critical jobs in their firm to happen without the pedantic, disciplined, committed approach to checklists that airline pilots and surgeons have? Pilots and surgeons are some of the brightest and […]

Can A 1% Price Increase Really Deliver An 11% Profit Increase?

It’s proven that the fastest and most effective way for any business to realise its maximum profit is to get its pricing right. The right pricing structure can boost profit faster than reducing costs or increasing your sales volume. On the flip side the wrong pricing structure can shrink your profits just as quickly. And yet many business owners are still reluctant to investigate initiatives to improve price for fear that they will alienate, frighten or lose customers. The result of not managing price performance, however, is far more damaging. Getting your pricing right is one […]

Are Your Staff Helping Your Business To Grow?

It pays to take your annual staff appraisal or performance review process seriously. Probably more seriously than you do now. Your business approach to appraisals can unlock greater success in your business because it can unlock greater performance from your people. However, most appraisals don’t result in higher levels of energy and motivation. This is a problem because a motivated team of people, an improving team of people, a more energised team of people can transform the results of your business. But a demotivated, ‘can’t-be-bothered’ team will undermine the future success of your business. As a […]

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