May 20, 2016 by

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.

Filed Under: Business Planning, Business Strategy, Business Structure Tagged With: , , , , ,
July 31, 2012 by

2012 Olympic Games Makes Team or Individual Choice Important

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Business Succes

When we consider our business and taking our business to great success, we must understand and recognize where we are operating at our most effective. Are we more team oriented or individually oriented? Are we creating the environment for our business which matches this response? It is a balancing act. Unless you are an individual business owner with no one else on your team and you are the one who does everything. The majority of us have some type of team either in person, virtual, or works in a business with other people.

Take this a step or two further and look into the why. Why are you more comfortable working in a team environment? If you are operating more effectively and more comfortably in a team environment, and you are not currently working in a team environment, you need to create or find a team environment to work in.

When you conduct the review process you might find there are one or two small items you miss about working in a team environment. If this is the case you will want to recreate these processes.

For example: If you miss having the ability to run ideas and concepts by other members of your team, it is quite possible you will be able to replace this interaction by signing up for and participating in a Mastermind Group which meets regularly.

On the other side of the coin is the analysis of the individual performer. You may do your best work working alone and with no team interaction, no boss and no one to answer to. If this is your situation, you will want to be certain that your work environment meets this need for you. A word of caution here is necessary. If you look at the successful, medal winning Olympic athletes who are individual performers, they each have a coach and a support staff behind them. It is a lonely road working all alone. You will always assume you have the right answers with no one to offer another opinion, whether it is positive or negative, toward your solution. There is nothing like that second set of eyes to assist the individual performer in achieving their goal of success.

Are you ready to work your best in your best environment?

Figure out your best work environment and implement it by contacting Mitch Tublin today. Email info@mitchtublin.com or call 877-907-8223.

Filed Under: Achieve Goals, Leadership, Sports Reflects Life and Business Tagged With: , , , , , , , ,
May 10, 2012 by

Networking, working? Or Notworking?

Are you a networker? Do you go out to specific events at least three or four times a month with the specific goal of meeting new people and connecting with them?

You may have read a recent article “Know Who Your Ideal Clients Are For Success in Business”… The discussion of who is your ideal client and how do you define the right customers for the success of your business is an important topic. One of the specific reasons this definition will have such an impact on the ultimate success of your business is it will begin to drive everything else you do. This definition will help to determine your marketing strategy all the way to how and where you network.

The next time you are speaking with your dentist, or your accountant, or your chiropractor ask where they go to events. Typically the events they attend are industry specific events. There will be other dentists, or accountants or chiropractors there in attendance. The only remote chance of seeing a referral from these groups is if someone they know is relocating exactly to your community and their office remembers who you are and where your business is located. In general, industry specific events will help you to discuss best practices within your area of specialty, learn new methods or technologies and potentially create a network of specialists who you might call if you are in a unique situation.

If you then ask your dentist, accountant or chiropractor where they generally obtain the majority of their new clients. Odds are good they would say referrals from current and former clients. This is where this gets interesting as none of them are actively networking to meet new clients.

These three examples are of professionals in private practice who have generally isolated themselves. Who will they turn to for example, with a business related question which is not an aspect of their specialty?

A networking strategy is important for anyone at any level of business. It is of significant importance to the solo- preneur or small business owner who must make each of these functions count. Look through your calendar and determine the exact types of networking events you should be attending.

Consider creating a strategy around your networking and intentionally form relationships which are mutually beneficial. Some of these relationships will be specific to your area of specialization. These conversations will keep you in the loop. Other relationships should be formed to add value to each other. You hope these will result in new connections and clients.

When you are in need of an answer to a business question, or you require an experienced professional to offer a second set of eyes and ears on a project you should consider the Thirty For Thirty offered by Mitch Tublin.

Filed Under: Business Networking Tagged With: , , , ,