Andrew Gregson, BA, MA, also has an M.Sc. in Economics. He has over 3 decades of business experience as a senior manager, consultant, and business owner and he has worked in the wholesale, distribution, manufacturing, and service sectors all over North America and the UK. Andrew is a profit engineer and pricing expert. His advice is based upon being a former business owner and entrepreneur. Andrew is also the author of Pricing Strategies for Small Business and delivers pricing talks to universities, colleges and businesses.
1. INTRODUCTION: WHY YOU SHOULD READ THIS BOOK AND HOW TO PROFIT FROM IT
Gûí WHY FINDING THE RIGHT PRICE CAN ACCELERATE YOUR PROFITS Gûí LARGE COMPANIES USE THESE METHODS YOU CAN, TOO. Gûí HOW TO GET THE MOST FROM THIS BOOK.
2. HOW YOU CAN IMPROVE PROFITS TODAY
Gûí GUIDELINES ON PRESENTING YOUR PRICE GÇó Selling best better good. GÇó Don't have too much choice GÇó Keep your price to the end GÇó Make the customer open GÇó Make the buyer work hard GÇó Sandwich your price between the benefits GÇó Try to make your price non-negotiable GÇó The cost penalties of not buying GÇó Don't squeeze too hard against the weaknesses GÇó Let the customer win something. Gûí WHAT IF YOU INCREASED PRICES - WILL HURT OR HELP GÇó Guidelines to increasing prices GÇó The power of pricing increase sales versus cut costs or increase prices
3. POSITIONING FOR PRICE AND PROFIT THE ROLE OF THE USP Gûí Testing your Unique Selling Proposition Gûí The power of a good USP - examples Gûí Worksheet to develop a USP
4. VALUE PRICING - HOW TO PRICE ON PURPOSE
Gûí VALUE PRICING IS GǪ Star Trek. Go where no one has gone before. Gûí THE BENEFITS OF BEING THE PRICE LEADER Gûí LEARNING TO LOSE A PERCENTAGE OF YOUR BIDS Gûí THE LOYALTY GAME - Understanding customer behaviour and perceived value GÇó Price vs Quality vs Service Gûí VALUE PRICING AND BRANDING
Gûí THE ROLE OF BRANDING THE SCOOTER STORY
5. MARKETING AND SALES - WHERE your PRICING decision becomes REALITY Gûí Captive product: finding value in linked products and services Gûí Meeting the price objection - sticker shock Gûí Sales and promotional pricing - having a sale Gûí Price discrimination Gûí On customer behaviour. Gûí Sales Training Gûí Learning to lose a percentage of sales Gûí Selling best, better, good Gûí Using price structure to motivate sales staff RESPONDING TO A PRICE WAR 6. OTHER PRICING STRATEGIES
Gûí DIFFERENTAL PRICING the 10 price Strategy Gûí REFERENCE PRICING - the pool noodle story Gûí GAIN-LOSS FRAMING AS A PRICING STRATEGY Gûí NEW PRODUCT INTRODUCTION AND MARKET-SKIMMING
7. MORE PRICING STRATEGIES
Gûí PENETRATION PRICING Gûí MARGIN PRICING Gûí DYNAMIC PRICING Gûí POCKET PRICE BANDING Gûí BUNDLING AND UNBUNDLING Gûí THE PRICE WATERALL OR FINDING MORE PROFIT WITHOUT INCREASING PRICES
8. CONVENTIONAL PRICING METHODS AND HOW THEY FAIL Gûí HOW TO KNOW IF YOUR PRICES ARE RIGHT OR WRONG. GÇó Do you hate or love your customers? GÇó You are the price leader or the price follower GÇó Bids are haphazard or designed to leave no money on the table GÇó Are you losing or finding new customers faster? GÇó Your reputation is for high prices OR high prices and quality.
Gûí 5 BUSINESS WRECKERS GÇó Believing the rumours GÇó Believing that price is all that buyers use to make a purchasing decision GÇó Only my labour rate matters GÇó Stubborn ostriches GÇó Having no cushion
Gûí PRICING BY FOLLOWING THE CROWD AND HOW THIS LEADS TO MEDIOCRITY Gûí WAG , SWAG AND STICK ESTIMATING METHODS Gûí LETTING ACCOUNTANTS RULE costs, margins and the disaster of Wang Labs Gûí BEING AFRAID TO CHARGE WHAT YOU ARE WORTH - customer driven pricing and how it holds back the Wisconsin wine industry Gûí UP-CHARGING FOR SUBCONTRACTORS AND HOW IT CAN SINK YOUR BUSINESS. Gûí BUYING MARKET SHARE a loser strategy unless you are Amazon
9. PRICING FOR YOUR COMPANY BY INDUSTRY
Gûí CONTRACTING being the go-to guy
Gûí RETAILING néº captive Product, Apple and Qualcomm néº sales and promotional pricing - HAVING A SALE néº price discrimination néº bad customers drive out good customers néº on keeping customers néº learning to lose a percentage of sales néº the winner's curse néº selling best, better, good néº using the price structure to motivate sales staff GÇó responding to a price war GÇó when to have a sale
Gûí MANUFACTURING néº the cost of herbies néº influence of capacity utilization néº engineering and economic measures néº output gap measure Gûí CONSULTING Gûí SERVICE BUSINESSES Gûí WORKING WITH PROFESSIONAL BUYERS Gûí DISTRIBUTION Gûí PROPORTIONAL PRICE EVALUATIONS
10. START TODAY How to remake your company into a price and profit leader.
Gûí REAP THE BENEFITS OF LEARNING TO SELL YOUR PRICE Gûí SPEND TIME DEVELOPING YOUR USP AND BRANDING Gûí PAY OBSESSIVE ATTENTION TO CUSTOMER SERVICE AND QUALITY Gûí DEVELOP A SYSTEM TO REVIEW YOUR PRICES AND APPROACH ANNUALLY. Gûí CUT YOUR PRICE WATERFALL COSTS Gûí BUILD, TRACK AND ANALYZE YOUR DATA. Walmart does it, why not you?
11. UNDERSTANDING PRICING STRATEGY: METHODOLOGY, CONCLUSIONS AND SUMMARY
12. WORKBOOKS
13. CASE STUDIES
Gûí POCKET PRICE BANDING AND CASTLE BATTERY Gûí TRUCKING COMPANY TURNAROUND AND THE ROLE OF PRICING
