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A Guide to Keep Pricing Both Competitive and Timely - John B. Wilson

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John B. Wilson discusses a guide to keep pricing both competitive and timely in this in-depth presentational blog. For more information, please visit JohnbWilson.org!

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A Guide to Keep Pricing Both Competitive and Timely - John B. Wilson

  1. 1. JOHNBWILSON.ORG A Guide To Keep Pricing Both Competitive And Timely P R E S E N T E D B Y : J O H N B . W I L S O N
  2. 2. INTRODUCTION As an owner or other executive of a company, the pricing of products or services is one of the most important business decisions to make. Price too high, and customers will go elsewhere. Price too low, and a business will not be adequately paid for what it produces. The following is a guide for how to keep pricing both competitive and timely. JOHNBWILSON.ORG
  3. 3. DETERMINE THE VALUE The first step towards determining a fair price for products and services is determining what they are truly worth. Consider things such as production cost, cost of materials, what customers expect to pay for it, experience, qualifications and other similar factors. Added value, such as specialized experience or knowledge in multiple areas, can be factored in as well. JOHNBWILSON.ORG
  4. 4. RESEARCH COMPETITORS One good way for a business to measure its prices is to compare those prices to what the competition charges. Researching competitors, including what they offer and at what price, is something every business should be doing. Do not just compare prices. Compare�product price value�as well. For example, customers are usually more agreeable to paying higher prices for a better quality product. Monitor the prices of competitors over time and adjust rates accordingly. JOHNBWILSON.ORG
  5. 5. KNOW WHEN TO RAISE (OR LOWER) PRICES Over time, things change. Production costs go up, inflation happens, the quality of the service gets better. Business owners and executives need to have a solid idea of production costs and be conscious of when those become unsustainable in a current pricing structure. For service-oriented businesses, the cost of becoming qualified to perform the service, the ever-growing experience of the provider and continuing education costs should also be taken into account.
  6. 6. HOW TO RAISE PRICES How a company goes about raising prices is just as important as deciding to raise prices in the first place. Explain the reasoning behind the price change and test the waters first before raising prices across the board. Small businesses, for example, can raise their rates for new clients while still giving original rates to existing clients before perhaps incrementally raising them. Companies that are responsive and able to adapt their pricing structure as the market changes are in the best position to experience growth and success. Perform market research before setting prices to begin with and then make changes in the future as circumstances change.
  7. 7. For more information Please visit JohnBWilson.org THANK YOU! RPA Summer 2020