Episode 148 Quick Summary
In Episode 148 of Evolution of Brand, Jason Cercone shares the mic with Per “The Price Whisperer” Sjofors for an in-depth conversation about pricing and charging based on the value you’re providing. Throughout this episode, you’ll discover why so many brands, companies, and entrepreneurs struggle with pricing their offers accordingly, the impact pricing has on the overall growth of a brand, how to gain confidence in your pricing, and a great exercise that will help you set an accurate price your ideal customers are willing to pay.
How to Connect with Per “The Price Whisperer” Sjofors
- Google “The Price Whisperer”
Top 3 Takeaways From This Value-Packed Conversation
- For the average company, if you can increase sales by 1%, profit goes up 3.5%. If you can reduce your cost 1%, profit goes up 5.5%. But if you can increase your price or reduce your discounts by 1%, profitability goes up 11.3%! And a 1% change can be easier to implement
- Some buyers want a discount simply because they feel they should get one. In some cases, it may make more sense to provide additional services instead of said discount. But beware…sometimes those same buyers will want the discount IN ADDITION to the additional benefits you offered
- If people trust you can deliver the transformation they seek, price is not the biggest factor. It’s all about the value you’re providing and when the right customer has established trust, they’ll be willing to make a larger investment, thus paying you what you’re worth
- How Per’s brand has evolved and how he earned the nickname “The Price Whisperer”
- Why Per chose to emphasize pricing and build his brand around this specific subject
- Statistics that emphasize the importance of proper pricing and how it impacts profitability
- Does it ever make sense to offer discounts on a SERVICE?
- Will buyers accept added benefits instead of a discount?
- What is unbundling and what role does it play in price negotiation?
- Why do so many brands and entrepreneurs struggle with pricing their offers and solutions accordingly?
- Three mistakes most brands/entrepreneurs/companies make when trying to establish the right price
- How to get comfortable with a higher price point and believing in the value of your product/service/offer
- What is expectation bias?
- How to overcome a mindset that you’ll get “burnt” by making a big investment in a product or service
- A great exercise to help you establish a price range your target customers will pay
- How often should you revisit your pricing so you don’t leave money on the table?