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WHAT YOU NEED TO CONSIDER TO KEEP PRICING A COMPETITVEWHAT YOU NEED TO CONSIDER TO KEEP PRICING A COMPETITVE ADVANTAGE TO YOUR BUSINESSADVANTAGE TO YOUR BUSINESS©Verolead Biz Solutionswww.veroleadbizsolutions.comCopyright 2023FearlessFearlessFearlessPricingPricingPricing10 STRATEGIES TO MAXIMIZE YOUR REVENUE

Price with Confidence!Profit Acceleration Specialist and Business StrategistFranPricing strategy is one aspect of a business that frequently hindersthe actions needed to put it on a profitable footing. Particularly in the beginning, the tendency is to underprice goods orservices so as to attract customers.In other cases, the business evolves. Costs increase or decline,markets consolidate or expand, demographic shifts, economic andgeopolitical impacts wreak havoc, disruptive supply chains ortechnologies drive obsolescence, or new value-adding features orservices become a new standard for the business. Having a pricing strategy enables you, the business owner, tocompete based on factors other than price. That's why Verolead Biz Solutions produced this little booklet,Fearless Pricing: 10 Strategies to Maximize Your Revenue.I want to help you avoid pitfalls and the nerve-wracking ambivalencethat often comes with pricing decisions.You will have at your fingertips, the top 10 best considerations youneed to take great pricing decisions.

Identify where to reduce expenses andimprove efficiency to optimize operationsand minimize costs. Assess Your Costs.Look at what it costs you to: Produce your goods and servicesRun the support and administrativeactivities2.Start with AnInside/Outside Look.Conduct Market Research. You want themost current and accurate informationagainst which you will measure whereyou are today.Have you analyzed your target marketto understand the following?Pricing TrendsCustomer PreferencesWillingness to Pay (Elasticity orInelasticity)1.Fearless Pricing: 10 Strategies to Maximize Your RevenueFlash Biz E-BookletCopyright 2023

Determine to invest in:Improving quality orFeatures orBenefits of your products or servicesEnhanced value does not have to be costly,but must be meaningful for your targetaudience.Enhance Product orService Quality.3.Premium offerings has three characteristics:It is in addition to the standardIt is exclusiveIt adds a unique benefit to thecustomerHow will you know what to add? Ask yourcustomers on an ongoing basis.Create PremiumOfferings.4.Fearless Pricing: 10 Strategies to Maximize Your RevenueFlash Biz E-BookletCopyright 2023

Select the basis of segmentationTailor to the segments and allow fordifferent pricing based on perceivedvalue.Two key steps are necessary:Set prices based on what is valued bycustomers of varying preferences, buyingbehaviors, or other characteristics.6.Segment Your Prices.Bundling means to combine complimentaryproducts or services that will provide twothings to your customers:An increase in perceived valueConvenienceWhat is included in a bundle does not needto be a new not before offered feature. Itcan be something that is already available,yet not visible.Bundle Products orServices.5.Fearless Pricing: 10 Strategies to Maximize Your RevenueFlash Biz E-BookletCopyright 2023

Consider: Services which are more high touchand personalizedEasier accessibilityStreamlined processesHorror stories abound about the difficultycustomers have working with somebusinesses. Don't let it be you!Improve theCustomer Experience8.A sure fire way to invite customers tokeep coming back to you is to introduceloyalty programs. These arecharacterised by:An increase in perceived valueExclusive discountsExclusive access to other benefits orservices. Do it independently or in collaborationwith another business.Place Value onLoyalty.7.Fearless Pricing: 10 Strategies to Maximize Your RevenueFlash Biz E-BookletCopyright 2023

Upsell and Cross-Sell.Train yourself or customer facing teammembers to upsell and cross-sellcomplementary goods and services andincrease the average order value. You seethis frequently in restaurants where youoften hear, "regular or menu?" 10.Fuel buyer's adrenaline by using time andavailability to raise the value andexclusivity. This strategy requires: ExclusivityTime or quantity boundariesUnique features or benefitsKnowing your targeted clientele is criticalas this strategy appeals to the customerwho will pay a premium for exclusivity.Leverage Availabilityand Time.9.Fearless Pricing: 10 Strategies to Maximize Your RevenueFlash Biz E-BookletCopyright 2023

Before you take any pricing action have you ...Bonus:Communicated the value proposition to customers?Ensured the pricing is justified by the improvements, benefits, oreven savings if reductions are on the table? Gauged the impact through customer feedback and marketresponse?Determined a process for making adjustments if you need to? Fearless Pricing: 10 Strategies to Maximize Your RevenueFlash Biz E-BookletCopyright 2023

These 10 strategies work for me and my clients! We are using thismethod to increase our revenues!Did you know that a well planned and well timed price increase candouble or triple your profit without undue resistance from customers?Right pricing can increase your credibility instantly, and with thesetips, you can take pricing decisions with confidence!Now, what are the next steps for you to take?Well, there's only so much I can show you about pricing here in thisguide. so if you are happy with what you are reading so far, here'syour next step:Make sure you join our FREE Facebook group Scale Your Peak withFran and Verolead Biz Solutions.We bring expert insights to entrepreneurs and business owners whoare ready to make more impact and returns by working on theirbusinesses rather than just in their businesses. Inside the group, we dive deeper into the strategies that worktogether for financial breakthroughs in as little as 90 days!P.S. If you got value out of this guide, feel free to share it with friendswho would benefit from it. C L I C K H E R E T O J O I NFearless Pricing: 10 Strategies to Maximize Your RevenueFlash Biz E-BookletCopyright 2023