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Do You Consider Price Structure and Packages In Your Business?

Pricing Structure In Your BusinessOn numerous occasions a new client will express a need for assistance in setting up the pricing structure for their business.

Then the qualifier comes in as they explain at great length why for  their specific business looking at other pricing structures and packages would never work as their business was ‘different’. As you have may have already imagined they need to be told ‘really’? That is basically a bunch of CR**!

Of course this would not be said to my client, or would it?

You just never know until you are there do you?

Here is the thing, while your business may be different, everyone out in the world, the  potential customers and clients have become trained as consumers!

What do you mean by that Mitch? How about a few examples and you might see what is going on in terms of pricing and packages every single day all around us.

Let’s begin with a regional grocery store such as Stop N Shop.  Often when they are advertising an item for sale the discount is contingent upon purchased at least $75 worth (some amount) of other grocery items.

The key here is the price structure. The item for sale must be at a discount large enough to gather crowd interest.  Once the crowd interest is there, the fine print about purchasing at least $75 worth of groceries is lost in the excitement.

On the check out line while waiting you notice all of the chewing gum packs are offered at three packs for the price of two. Again this is price structure as well as  packaging the sale offer.

Another strategy in place while partnering with a brand is the offer to gift you a future $5 coupon as a credit if you purchase a certain dollar amount of a specific brand of products during a period of time.

Now you might be thinking, Mitch has lost his mind with these references to the grocery store. Not at all. The margins are thin at the grocery store. These methods of pricing and pricing structures are in use at the grocery store because they work. The consumer is enticed to make the purchases. More importantly for our purposes is the consumer becomes trained to behave in a certain way.

Let’s consider the case of hiring a lawyer to assist us in a certain legal matter. Typically a lawyer will request a retainer. Since they are lawyers there will be all kinds of wording in the agreement about hourly rates and how the billing will be presented and recorded. We all know a lawyer is a professional so we do not ask for a coupon or a discount. We need their advice and we sign up and we pay.

Now how do we put this information into use ourselves?

First of all if you are interested in this topic go here as in the next few weeks you may be invited to a special call all about pricing in your business and a Question and Answer period will be part of the call as well.

Second is what is your product or service worth to you? What do you believe it is worth?

In closing for this article, what is the value to the customer, to the client?

If you would like to privately discuss your business and your pricing strategy with Mitch click here.

Mitch Tublin is an advanced certified coach, business consultant and professional speaker based in Stamford, CT.

The One Incident

Unlocked Stamford - The One Incident“That One Person” – this was the theme for the Unlocked Stamford event held recently.

You can read more about the group here as long as you promise to come right back when you are done.

Upon reflecting after speaking at the event, where the theme was about what one person has had a great influence on you, my thoughts went to “What One Incident” or “The One Incident”. This would be an interesting topic or theme for a group of speakers as well.

Let me back up for a moment. Our assignment was to create a twenty slide presentation deck which had to be sent over in advance by a few days – which prevented any last minute changes – these slides would automatically advance every fifteen seconds which would be the subject of your five minute talk in pictures or at least slides.

Each speaker prepared excellent talks on a person who greatly influenced them. Some were from the past and others were right now in the present.

The room held about forty people more or less. Each member of the audience seemed to enjoy their evening hearing the stories from each of the five speakers.

Do you have a “That One Person” story? Feel free to go right into the comments here on this article and share you story, we would all love to read about that one person who influenced you.

Now let’s move onto this new idea for a theme – “The One Incident”.

First allow me to invite you to go to the comments right here on this article and share your “The One Incident” story with us. We all really do want to hear this story from you.

Second is would you be interested in helping me select one of these stories. You may place your vote in the comments section of this article by naming the story line. These are the potential candidates for me for my story on “The One Incident” – a single incident which greatly impacted me. The winner will be the theme for a new article posted here at a future date.

  1. The sudden death of my younger brother at age 30 plus.
  1. The birth of our first two children, twins, and almost losing them both during pregnancy and then again right after birth.
  1. The sudden death of a friend and former shipmate in a car accident.
  1. The at sea rescue of 65 people in the South China Sea and the inspection of the boat at sea by me looking for dead bodies before cutting loose the shell of a boat the survivors were on.
  1. One of our children being struck by an SUV one night. Almost to lights out.

Select the one you feel should be my “The One Incident” by writing in the comment section the subject line from this list. Thank you in advance.

Are you interested in booking Mitch to speak or present to your company, group or organization? Click here.

Mitch Tublin is an advanced certified coach, trainer and speaker who is based in Stamford, CT.

A Success Model To Think About

soul-cycle

This article is about a success model to think about. Take the aspects of the story which you feel translate to your business. Believe me there is something in here for everyone. Have you heard of SoulCycle? These are branded spinning studios where everything is about soul. You can learn more about them here. First consider the […]

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What Inspires You?

What inspires you?

What inspires you? What do you find inspiring? Stop now, for one moment, and consider your answer to these two questions. Comment on this article right in the comment area and name five inspirational people, stories, images, whatever you find meaningful to inspiring you and enter it into the conversation. Please do return now to […]

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Do You Inspect What You Expect?

Inspect

Do you inspect what you expect? This is an age old statement which transcends everything! Do you practice it in your business and in your life? Here are a few examples: In sports you have recently become the Head Coach of the baseball team. It is a very competitive team in the Cape Cod Summer League where […]

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Do You Like Change?

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Change Someone once told me that the only people who really like change are babies who are wearing wet diapers. On the one hand we have: “Be the change that you wish to see in the world.” ― Mahatma Gandhi On the other hand we have: “Everyone thinks of changing the world, but no one […]

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