Setting Profitable Prices Website A Step by Step Guide to Pricing Strategy Without Hiring a Consultant 1st Edition by Marlene Jensen 111843076X 9781118430767

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ISBN 10: 111843076X

ISBN 13: 9781118430767

Author: Marlene Jensen

Time-tested strategies for making the best possible pricing decisions and gaining an unbeatable competitive advantage Pricing is one of the most important—and difficult—marketing problems companies face when launching new products. Unfortunately, the research that goes into making optimal pricing decisions is a very time-consuming process—unless, that is, you can afford to pay a consultant or outside agency to do it for you. But if you’re like most small- to medium-sized business owners and managers, time and money are two things you absolutely don’t have to spare. Problem solved: Written by a nationally recognized pricing expert, this book arms you with proven strategies for guaranteeing that you’ll never again leave money on the table when determining prices. And you’ll spend the least possible time setting your more profitable prices. Packed with valuable worksheets and other valuable tools to help guide your research and your pricing decision-making A goldmine of expert tips for pricing in any specialty market, it offers a highly effective way to market your company’s product more effectively and profitably Shows you how to avoid making your competitors’ pricing mistakes and gain a powerful competitive edge in the process The author uses examples drawn from her years of consulting work with companies large and small, including Food Network, American Express Publishing, and Playboy

Setting Profitable Prices Website A Step by Step Guide to Pricing Strategy Without Hiring a Consultant 1st Table of contents:

Part 1: How to Set Prices for Maximum Profits
Chapter 1: Why Pricing Is the Key to Your Success
Raise Prices—or Sell More Products?
Big-Company Case History
Tiny-Company Case History

Chapter 2: Why Most Companies Stink at Pricing (and How You Can Do Better!)
The “Myth” of Creating Demand Curves
How Your Competitors Are Setting Prices
Cost-Plus Pricing
Two Ways This Strategy Can Make You Lose Money
Match-Your-Competitors Pricing

Part 2: How the Market Will Value Your New Product
Chapter 3: Analyzing Your Competitors’ Prices
You Do So Have Competitors!
How to “Pick” Your Competitors
Direct vs. Indirect Competitors
How Consumers Evaluate Prices
How to Get Profitable Ideas from Your Competitors

Chapter 4: Environmental Factors That Can Affect Your Pricing
Environmental Factors Overview
The Economy
Competitors
Government Regulation and Legal
Social Trends
Technological Change

Chapter 5: Pick the Positioning of Your New Product
There Are Only 3 Choices!
The Psychology of Price Positioning
Penetration Price Positioning
Two Situations that Call for Penetration Pricing
Two Reasons to Not Use Penetration Pricing
How to Avoid a Price War—If You Really Do Have 30 Percent Lower Costs
Skimming (or Premium) Price Positioning
Net Result
Temporary Premium Pricing
Prestige Pricing
Competitive Price Positioning
Reasons to Use a Competitive Price Positioning Strategy
Learning More about Competitive Pricing

Chapter 6: Analyzing Your Buyer Benefits/Drawbacks Relative to Your Competitors
Uncovering What Buyers Really Value/Hate about Products in Your Marketplace
Learn More about Calculating Buyer Valuation of Different Features

Chapter 7: Picking a “Ballpark” for Your Best Price
You Will Not Be “Stuck” with Your Decision!
Can’t Make a Profit at that Price Range?
Not Sure about Your Results?
Learn More about Buyers’ Reactions to Price Ranges
Soliciting Donations
Buyers’ Assimilation or Contrasting of Prices

Part 3: Your Cost Analysis
Chapter 8: Evaluating Your Costs
The Ideas Behind “Target Costing” and “Target Engineering”
Types of Costs
Sunk Costs
Overhead Costs
Direct Costs
The Hardest Part of Calculating Costs
Reasons for Launching a Product that Doesn’t Cover Overhead

Part 4: Fine-Tuning Your Price
Chapter 9: Is Your Profit Potential Acceptable?
If You’re Happy with Your Potential Profits
If You’re Not Happy with Your Potential Profits
Option #1: Dump the Idea and Move On
Option #2: Change Your Price Positioning
Option #3: Offer Some Higher-Priced Add-Ons
Option #4: Offer Some “Utilities” that Will Allow a Higher Price
Option #5: Find Customer Segments Willing to Pay More
Next Step

Chapter 10: Psychological Adjustments to Your Price
Understanding “Barriers” in Prices
Staying below Barriers
Increasing Prices up to Barriers
Barrier Price Adjustments for You
Numbers that Say “Discount” to Buyers
Test Your Knowledge!
Visually Appealing Prices
Selling to Businesses
Learn More about Thresholds
Learn More about the Effect of Numbers

Part 5: Testing Your Prices
Chapter 11: Testing Prices
The Psychology of You—in Setting Prices
Can You Test?
If You Cannot Test Prices
The Difference between Testing and Research

Chapter 12: Using Google to Test Prices for Free (or Almost Free)
Two Methods for Almost-Free Testing!
A/B Split Testing with Google AdWords
Using Google Optimizer to Test Multiple Things
How to Get Started
Regrets!

Part 6: Pricing in Special Situations
Chapter 13: Pricing Services
Imagine No Chapter 13!
The Complications of Setting Prices for Services
The Myth of Pricing Based on “What You Want to Earn”
Pricing by the Hour versus the Job
How to Protect Yourself from Client Add-Ons to a Fixed Price Job
Finding What Service Competitors Charge
Picking Your Price Positioning
What Your Price Says about Your Firm
How to Charge Higher Prices to Those Willing to Pay More

Chapter 14: Pricing New Products/Services, Part 1: When Your Brand Is Unknown
The Problems in Pricing Something New
Price Equals Quality Buyer Perception
Does Quality Equal Likelihood-to-Buy?
Understanding “Bargain Hunters”
Price Preferences by Product Type
Detailed Research on Buyer Price Position Preferences
Additional Research on Preferred Prices
Learn More about Risk and Pricing

Chapter 15: Pricing New Products/Services, Part 2: Competing with Established Brands
When Your Competitors Are Established Brands
Advantages for Known Brands
Risk Avoidance
Price Premiums for Known Brands
Discounting Differences
Advantages for Unknown Brands (Yes, There Are a Few!)
What Causes Customers to Switch to a New Brand?
Factors for Switching
Likelihood to Switch
Convenience
Doing What Others Do
Regret and Switching
What Happens after Buyers Switch?
Shocking Findings on Brand Names
So What Does It All Mean for Pricing a New Product/Service?

Chapter 16: Pricing with Discounts
Discounts: A Double-Edged Sword
When Discounts Worry Consumers
What Worries Consumers about Discounts
What Other Studies Say
Determining Best Discount Levels
Discounts’ Effect on Quality Ratings and Purchase
Concluding Thoughts on Pricing, and Especially on Testing Prices

Appendix of Worksheets
The Competitor Pricing Worksheet
Service Business Worksheet
Product Business Worksheet
Sponsor Opportunities Business Worksheet
The Buyer Benefits Worksheet
The Narrowing Your Price Range Worksheet
The Cost Analysis Worksheet
Direct Costs Worksheet
Overhead Costs Worksheet
Sunk Costs Worksheet

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