Many entrepreneurs tend to adopt hourly rates or markup over costs as their pricing models. However, there are other ways to think about pricing that can be more beneficial to your business. To do this, focus on two key aspects: the value you provide and your customers’ Best Alternative To a Negotiated Agreement (BATNA).
Selling products on the web.
When selling products online, consider the value you offer beyond just low prices. By distinguishing yourself from competitors, you can avoid competing on price alone. For example, offering detailed information on products helps customers make informed decisions. Consider offering a subscription-based support line for personalized advice to keep customers loyal. This will make them more likely to buy from you and increase repeat business.
Selling Knowledge
Businesses that offer expertise, like consulting, should consider pricing based on the value they provide. Niels Bohr’s story about charging $10,000 for knowing where to place an “X” illustrates the importance of recognizing the value of knowledge. Instead of charging an hourly rate, consider charging based on your knowledge’s impact on the customer’s business. For example, charge a small percentage of the cost per product, benefiting you and the client.
Selling Vistage
As a Vistage Chair, I help CEOs make better decisions, and the value we provide is substantial. When justifying membership costs, consider the value of better decision-making compared to hiring a consultant. Vistage membership can offer an ROI of 200% or more, making it a valuable investment for business leaders.
So what are you going to do?
To improve your pricing strategy, assess the value you provide and your customers’ BATNA. This exercise can help you maximize margins and deliver better value to your clients. Brainstorm with your product and sales teams to identify opportunities for pricing adjustments or to eliminate commodity products or services. Reach out to me for assistance in enhancing your pricing model and increasing your margins.
(c) Copyright 2021, Marc Borrelli
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