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Pricing for Profit

How to Develop a Powerful Pricing Strategy for Your Business

Peter Hill

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Buch (Taschenbuch, Englisch)
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Beschreibung

Price is the most significant factor affecting the profitability of every business, profit centre or department. When the pressure is on to perform or grow, your instinct may be to discount, undercut your competitors, cut costs and promote through price. Yet these are often the last things you should do. Pricing for Profit is the most practical guide on pricing available. Using a firm, profit-focused framework developed running real projects for real businesses, this book shows you how by getting your pricing structures right you can make a huge difference to your bottom line. It gives business owners, managers and leaders simple, achievable pricing strategies that will deliver sustainable business growth. Can you afford to leave money on the table? If not, Pricing for Profit is the guide for you.



Peter Hill
is an accountant and business consultant and a partner at Mark Holt and Co. Chartered Accountants and Healium LLP business growth specialists. Hill also runs business seminars on pricing and profit improvement across the UK and internationally, for major banks, including Lloyds, Barclays, HSBC.

Produktdetails

Einband Taschenbuch
Seitenzahl 280
Erscheinungsdatum 01.07.2013
Sprache Englisch
ISBN 978-0-7494-6767-8
Verlag Kogan Page
Maße (L/B/H) 23.4/15.6/1.5 cm
Gewicht 449 g

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  • Introduction

    01 Pricing in context
    How any business can improve its bottom line
    The four ways to grow a business
    Why people fail to see the problem as a price issue
    Summary
    Action points
    Reader challenge

    02 Why is pricing so difficult?
    The importance of knowledge and training
    How to avoid the impact of your bad experiences
    Blindly copying the big retailers
    Limited financial understanding of how profits are made
    People's desire to please, and their freedom to do so
    People need to be properly motivated to change
    Summary
    Action points

    03 The remarkable benefits of getting pricing right
    Understanding what you actually charge at the moment
    Increasing the headline price (but with added value)
    How you can charge more when you guarantee value
    Making sure your frontline people understand the profit equation
    Summary
    Action points

    04 How most businesses price and why these methods are wrong
    Cost plus pricing - the fundamental flaw
    Undercutting competitors - it simply cuts your profits
    Last year's pricing plus a bit - the bit is never enough
    Best guess pricing - it's just a stab in the dark
    Value to each customer - the only pricing strategy that really works
    Summary
    Action points

    05 Understanding value versus cost
    The Value Scales
    What happens when the scales don't balance?
    How to balance the scales
    The dissipation of value over time
    The importance of discussing value with customers
    Summary
    Action points

    06 Packaging for higher prices
    The four ways to maximize each sale
    Using price to up-sell and cross-sell
    Offering choices increases the value of the sale
    Alternative price options affect the perception of value of all options
    Setting price differentials properly
    The price of pain
    Summary
    Action points

    07 Customers don't always want the cheapest
    Increasing prices doesn't automatically mean losing customers
    Summary
    Action points

    08 Exploding all of the myths about pricing
    Myth: Customers only want the cheapest
    Myth: Loss leaders work
    Myth: A 50 per cent off sale is a 50 per cent off sale
    Myth: Presentation of the price doesn't matter
    Myth: All prices should end in a '9'
    Myth: The best person to set the price is the salesperson
    Myth: Setting prices is a once a year decision
    Myth: Every customer is worth having and every sale matters
    Myth: Raising prices loses customers
    Summary
    Action points

    09 Using guarantees to get increased prices
    Risk versus reward
    Price-match guarantees
    Using guarantees to add value to your side of the Value Scales
    Offering options with and without guarantees
    Customers are fundamentally honest
    Offering a guarantee as an extra
    Summary
    Action points

    10 Discounting
    Who is affected by poor discounting practices
    The financial dynamics of discounting
    The impact of a small change in discounts
    Discounting prices to win customers is a myth
    The top four reasons people discount
    How to limit discounts
    When discounting is right
    Summary
    Action points

    11 Presenting the price properly
    The impact of the price ticket
    The significance of clarity
    Accuracy is key
    The importance of the actual numbers
    Presentation of price on bundled items
    When to reveal your prices
    Using words for impact
    Summary
    Action points

    12 Directional pricing
    The advantages of moving customers to alternative options
    The pizza example
    The critical issues to know
    Setting extreme prices to make other offers seem comparatively attractive
    Summary
    Action points

    13 Dealing with the human factor
    Most people running a business are untrained for that role
    Conscious competency
    Don't be afraid to get external input
    The key people in the profit equation
    Handling your team's need to please customers
    Helping your team focus on profit
    Dealing with the human factor in your customers
    Fear!
    Summary
    Action points

    14 Getting financial clarity
    You need to know the numbers
    Not all customers make you money
    Steps in the profit calculation
    Summary
    Action points

    15 Your action plan
    Have a vision for the future
    Build your team and allocate resources
    Set smart goals
    Just do stuff!
    Two questions, with answers

    16 The final word on pricing for profit