Tag Archives: Price Setting

How To Set Your Businesses Pricing

If you’re unsure about your pricing, take a look at your much bigger competitors or even those of a similar size. Now,Business Pricing you do have to compare apples with apples, but looking at their delivery, how far away are you from them? Do you really understand your marketplace? And are you constantly attending courses to evolve your knowledge and understanding of your industry best practice? To stay fresh? Do you understand the strategy behind what you’re trying to do? If so, you’ll absolutely wipe the floor with the majority of your competitors.

Also, if your client comes back and says your pricing is a bit on the high side (I’d always say that you should be in the top third price wise), ask them what they think their budget could stretch to. I’d never suggest reducing your price but you could offer to ‘part fund’ the first three months of the treatment to show the value that you bring (remember FS from your V x D + FS > R sales equation). This is also known as their puppy dog sales tactic, so, someone comes into a pet shop because they’ve been dragged in there by the kids and the kids are pestering for a puppy. The pet shop owners says take the puppy for the weekend, the kids

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Love, Children, Monsters and What This Has To Do With Business

We’ve all been there. And we all know how it feels. That moment when something that you love deeply, that’s tied up completely in your hopes and dreams for the future, and something that you’ve invested so much of yourself in that you just can’t imagine ever walking away, breaks down.

For many entrepreneurs this relationship is with their business. It started as a beautiful if demanding baby. But it also took everything you had, and something that used to matter so much ends up causing so much stress, worry and heartache that we just feel we can’t continue anymore.

And so we start thinking about walking away. We forget the potential our business has to provide us with the lifestyle we deserve. The pay-back that our families deserve for the time and effort we’ve already given. And we focus instead on the Dr Frankenstein’s monster its become – running amok and seemingly destroying everything that we hold dear.

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How to Develop Your Own Sales Script

How to Build a Sales Script

You might have seen this equation but it makes it really easy to develop your own sales script: D x V + FS >R = Sales Scripts SellSale. The D is the dissatisfaction or pain the customer has, V is the vision of what they want,  FS is the first steps to get them to buy and R is resistance.

It’s actually started of as a change formula from the 60’s used when management wanted to change companies in some way but was adapted for sales in the 80’s

The idea is that you talk to the customer about their dissatisfaction, make that D as big as possible, really dig around to find out what it is that’s paining them, get as much detail as possible, and ask them how it feels to be in that situation.

Having a Sales Script will Increase Your Conversion

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Questions to Ask a PR Agency Before you Engage Them

Questions to Ask A PR Agency to Make Sure you get the Right One for YouQuestions to ask a PR

Hiring a PR agency can be a particularly difficult task. But knowing what questions to ask a PR agency is critical. Not only are you taking on a firm that quickly have to become a natural extension of your own team, but they must be true champions of your brand and everything it represents.

Whether you’ve worked with lots of PR agencies in the past, or you’re brand new to the whole sector, there are some questions that you should ask any PR agency before you engage them. And if they can answer all of the questions below to your satisfaction, then we say, snap them up!

1. What do you need to know about my business before you can get started?

2. Are you a Member of the PRCA or the CIPR?

3. What if it all goes wrong? Do you have the experience to manage negative news?

4. What experience and media contacts do you have in my sector?

5. How will you measure success with my account?

6. Do you work for anyone else in my sector?

7. How many people will be working on my account and when will they be available to me?

8. Who would be leading my account and how much PR experience have they got?

9. How long has the agency been going and what clients do you work for?

10. Do you have appropriate professional indemnity insurance?

Not Asking the Right Questions to Ask a PR Agency Can be Costly

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Want More New Customers? Examine Your Sales Process

Get More New Customers by Increasing Your Conversion Rate

SAles Process to get New Customers

I’ve written before about how people who say they want more new customers focus on the wrong thing – what they actually need is more leads, and to convert those leads into customers.

So how do you increase your conversion rates? Well, you have to start by knowing your numbers. How many new leads are you actually getting? And how many of these are being converted? It’s also critical that you have a sales process, so that you know exactly what your customer journey is

You must also script each part of the process so that you don’t miss out anything. This will also stop you getting tongue-tied and increase your conversion rate because you’ll be able to tweak each script and see the result.

Spoiler alter here… If you ever go and see Brad Sugars at one of the free workshops he runs, he normally tells this story. He’d taken on a client who sold tyres. When he asked what his conversion rate was on the calls his sales team were getting the guy guessed at about 70%. Brad asked him to monitor it for two weeks, just to see what it actually was.

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Know Where Your Business is Going?

I always like asking business owners, what they really want to achieve in life – is it having more time to spend with the children,

Planning Your Life so Everything Fits Together

Planning Your Life so Everything Fits Together

Working three day weeks, jetting off on well-deserved luxury holidays throughout the year or even property abroad?

Once that’s established, we can then put a plan in place outlining how you’re actually going to achieve it – do you need to take on additional staff? Do you need to give junior staff the training needed to take on your role? What clients do you need, how big are they? You get the picture.

Think of it as similar to when you go on holiday – you don’t just turn up at the airport, choose a plane at random, and then jump on board. You decide where you really want to go first, and then work out the best way to make it happen. Read More »

The Secret to Business Growth

Hi There

The Secret To Growing Your Business

Don’t Tell Your Competitors

Breaking news, there is no silver bullet for your business.

You’ll sometimes hear people saying “if only this would happen” or “if only that would happen, we’d be made”. Well, in my experience there is no silver bullet within business. No if only and no one single answer or action to building a great business. It’s about small changes across every area of the business, so let’s look at these and give a worked example…

What we are going to is look at how working in each area of our business can have a huge impact on turnover, so first we need to consider the number of your:

Past Customers

This is anyone that has ever bought from you, and if you’ve been going for a while you’re going to have to consider how far back you are able or prepared to go. Do you have a database? If not, perhaps old invoices can provide this information and you could transfer it to a data base? Trust me when I say that this is one area you don’t want to fall down on – your financial future depends on having an up-to-date database of anyone that you’ve ever come into contact with. Read More »

Have You Created a Battle Plan for Your Business?

Creating a plan for battle is essential. No army would ever engage in a battle without knowing as much as they possibly could about their supply lines, the terrain, and the opposing forces they faced.

Once they’d gathered, or even guessed at the information that they didn’t have, they could draw up a plan for battle and how they were going to win.

The plan would take into account their own strengths, weaknesses, opportunities, and threats, and only then would they be ready. Of course plans rarely survive intact after the first contact with the enemy.

In preparing for battle I have always found that plans are useless, but planning is indispensable.

Dwight D. Eisenhower

A plan is also essential for your business as it’ll give you direction and a strategy to work to. Read More »