Pricing Relative to Your Competitors - How to Turn Your Business into a Gold Mine
WORKSHOP: Knowing how to position your pricing relative to your competitors is critical. Do you want to be the most expensive or the least expensive? Choosing the correct pricing model affects how you bid, how you offer customer service, and how you handle price changes in the market. The correct business decisions to make are radically different in each, and being somewhere in the middle can muddle your choices. If you don’t know which model you are following, you are probably leaving behind money... a lot of money. In this workshop, you’ll learn how to determine whether you should produce premium products or be a cost leader. Then you'll learn what to do with that information to be wildly profitable.
• How to know if you are premium product producer or cost leader and why being neither is a recipe for disaster
• How to properly discuss which you are in your advertising, promotion, and even elevator pitches.
• When to make changes in your pricing and when to sit tight
• How to respond to bids to maximize your profit
• When to discount your products and when to say no
• How to invest the right amount of effort in customer service and technical support
• When to put your resellers to work for you on the front line and when it’s a bad idea
User advocate Peter Hildebrandt has been helping companies make sound business decisions for 35 years. He is the principal in Hildebrandt Associates, a consulting firm specializing in bringing customer data into the design of product offerings. His clients range from high technology Fortune 500 companies to startup businesses. Peter is active on two non-profit boards, is a SCORE mentor, and plays the string bass in his spare time.