Explore " price point" with insightful episodes like "212: Is It Possible To Sell Without A Sales Call?", "210: How To Run A Group Program When You Have No Audience", "Healthcare Revolution: Dr. Garrison Bliss and Direct Primary Care's Genesis", "Ep. 534 – Innovations in Outdoor Gear: A Conversation with DRAKE" and "Execute A Highly Successful Black Friday Sale" from podcasts like ""The Wealthy Coach", "The Wealthy Coach", "My DPC Story", "Ducks Unlimited Podcast" and "The Wealthy Coach"" and more!
Many coaches and practitioners have approached Kendra Perry to ask one question: is it possible to sell without a sales call? Kendra says yes – but there are some caveats. In this episode, she explains everything you need to consider if you want to close sales successfully even without lifting your phone.
Love the show? Subscribe, rate, review & share! https://kendraperry.net/
A group program is your ticket to freedom and an easy avenue to go. In a coaching program, you need many people to sell it to, but how can you sell it to people when you are a startup with no audience? Today, Kendra Perry talks about how coaches can run a group program when they have no audience. She explains the value of the “No Launch Launch” and leveraging your networks in enrolling people into your program. She also added that the best way to launch depends on your price point and what you offer. So, what are you waiting for? Join Kendra as she dives deeper into running a group program today.
Love the show? Subscribe, rate, review & share! https://kendraperry.net/
In this episode of My DPC Story Podcast, Dr. Garrison Bliss, known as the father of Direct Primary Care (DPC), discusses the transformative impact of the DPC model on healthcare. Highlighting the shift in focus from insurance-driven to patient-centered care, Dr. Bliss emphasizes the benefits of DPC for employers, patients, and physicians. He shares insights on sustainable pricing strategies, patient affordability, and the pivotal role of engaging employers and insurance companies in supporting DPC. Dr. Bliss also underscores the need for government involvement in making DPC accessible to everyone.
Listeners gain valuable knowledge about the potential of DPC to reduce healthcare costs, improve patient outcomes, and create a culture of care. Dr. Bliss's passion for healthcare innovation and patient empowerment shines through, making this episode a must-listen for anyone interested in revolutionizing the healthcare system. Join Dr. Maryal Concepcion as she delves into this enlightening conversation with Dr. Garrison Bliss.
Maximize your understanding of the Direct Primary Care model and its far-reaching impact on healthcare with this insightful episode of My DPC Story Podcast.
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In this episode of the Ducks Unlimited podcast, host John interviews Justin Carpenter, the senior vice president and director of brand strategy at Drake Waterfowl. They discuss the behind-the-scenes process of product development and the great gift options available for Christmas. Justin also shares his recent hunting experiences and the challenges of duck and pheasant hunting in cold weather. Tune in to learn more about Drake Waterfowl's partnership with Ducks Unlimited and their dedication to creating quality products for waterfowl enthusiasts.
www.ducks.org/DUPodcast
Success in Black Friday sales lies not in discounts, but in delivering value and creating an unforgettable experience for your audience. In this episode, host Kendra Perry shares how you can ensure you crush your next Black Friday campaign. From her personal experiences, Kendra reveals the do's and don'ts of Black Friday sales she learned the hard way and the different approach she’s going to take this year. From building the perfect sales funnel to email marketing strategies and no discount promotions, Kendra generously shares everything helpful for the upcoming holiday. Black Friday is not just a shopping holiday; it's an opportunity to make a significant impact on your revenue and customer relationships. Tune in now and get ready to execute a highly successful Black Friday sale that drives results, both in numbers and impact.
Love the show? Subscribe, rate, review & share! https://kendraperry.net/
Craig speaks with Dave Nerada, President of Ricki's and Cleo Fashion, to discuss the changes happening the women's fashion brand Ricki's. They talk about the focus on bringing relevancy back to the brand through a new web platform, improved product quality, and the launch of a new store design. They also mention plans for renovations in current stores and the accessibility of the brand's price point. The conversation touches on the customer base, the updated website, shipping options, store locations, and future product offerings.
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Background Music Credit: Hard Boiled Kevin MacLeod (incompetech.com). Licensed under Creative Commons: By Attribution 3.0 License. http://creativecommons.org/licenses/by/3.0/
Craig speaks with Dave Nerada, President of Ricki's and Cleo Fashion, to discuss the changes happening the women's fashion brand Ricki's. They talk about the focus on bringing relevancy back to the brand through a new web platform, improved product quality, and the launch of a new store design. They also mention plans for renovations in current stores and the accessibility of the brand's price point. The conversation touches on the customer base, the updated website, shipping options, store locations, and future product offerings.
Subscribe, Rate, and Review our Retail Insider Podcast!
Follow Craig:
Follow Retail Insider:
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Share your thoughts!
Drop us a line at Craig@Retail-Insider.com. You can also rate us in Apple Podcasts or recommend us in Overcast to help more people discover the show!
Background Music Credit: Hard Boiled Kevin MacLeod (incompetech.com). Licensed under Creative Commons: By Attribution 3.0 License. http://creativecommons.org/licenses/by/3.0/
Host Chris Jennings is joined by Jim Ronquest, vice president of development for Drake Waterfowl, to chat about exciting new gear for duck and goose hunters from Drake. Ronquest touches on his duck season last year, the rumor mill of duck production, and the two chat about some changes in product design and launch from Drake Waterfowl and McAlister.
www.ducks.org/DUPodcast
First impressions are important when you're in real estate. So you have to make them count.
You might think that your watch or car could give a certain impression, but really... it's much more than that. Wearing luxury brands doesn't necessarily make someone more impressive or serious.
And owning an expensive car doesn't necessarily mean you are more successful or influential.
It's about the impression you make with the people you meet and with whom you do business.
So, how do you dress for success, and make the right impression in real estate investing?
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On this episode of Cooking In Mexican From A to Z, Aarón and Zarela sit down with Lori Flores. Lori is an associate professor of History at Stony Brook University, where she teaches classes in US Latino, labor, immigration, and food history. They discuss Lori's background growing up in rural Texas, her migration to the East Coast, and how Mexican food arrived in East Coast cities like New York.
Lori is the author of the award-winning book Grounds for Dreaming: Mexican Americans, Mexican Immigrants, and the California Farmworker Movement (Yale, 2016). Her new book on the history of Latino food workers in the US Northeast from 1940 to the present day has received support from the Russell Sage and Rockefeller Foundations.
For more recipes from Zarela and Aarón, visit zarela.com and chefaaronsanchez.com
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Shoppers – and Retail Buyers – may prefer deep discounts and promo bundles over a price hike, but a strong and stable business is built on a strategic pricing strategy, among other things.
Raising prices is the flipside of giving discounts and promo bundles. Coming at the heels of Black Friday (where most retailers and businesses, unfortunately, did not meet sales goals in 2021), now is actually a strategic time to consider raising your prices.
Current market conditions have put a lot of variables out of your control, and things aren’t changing soon. If you haven’t raised prices yet, you need to face this decision head-on. You can only manage your rising expenses by offsetting them with a reasonable price bump.
If you’re a small business that’s wary of increasing its prices so as not to scare off customers, you may actually be doing your business more damage. Trying to appease clients but doing so at the expense of managing your operational, manufacturing, marketing and distribution expenses puts your business at risk.
Listen as I share with you a checklist for executing a price increase and ease the shock value by managing customer expectations. Think of it as helping establish your brand and business for the long run - and this way, you’ll be of better service to your clients whom you love.
And if you’re still hesitant about a price increase, here’s a concise step-by-step plan to roll out: plan it, communicate it, and do it!
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Retail pricing and retail sales channels.
Let’s start with a question: what are your retail sales channels, today and in the future? In other words, where and how are you selling or you are planning to sell your products?
Are you selling on the internet? If it’s on the internet, is it through your own website? Or on another site? If it’s on another site, is the other site a marketplace or a retailer?
Are you selling in a physical store? Again is it your own store? Or in someone else’s store? If it’s in someone else’s store, is it a retailer? Or are you selling on consignment?
Anyhow, you might sell your products to a retailer, it could be another shop, a department store or an e-shop. In this case, you are selling BtoB, which stands for Business to Business. It means that first your Business is doing a transaction with another Business, let’s say a multi-brand store. Then the store will add their markup on the price they have initially purchased your product. In this case, the end customer can then buy the product from the other store and not from you. And the end customer will buy the product at the retail price that has been set by the other store.
You might also sell your products directly to the customer, and this is called a DTC model, Direct-To-Consumer model. In this case your end customer will buy the product directly from you at the retail price that you have set. This price would have to include the cost of the customer acquisition that might be the cost of the online ad and/or the commission that the marketplace would charge you.
So, in order to buy your products, your end customer is faced with 2 options: Option 1) he or she can buy it from one of your retailers. Option 2) he or she can buy it directly from you.
The one thing I encourage you to consider, at the very beginning of your business, is whether you intend or do not intend to sell your products to a retailer one day. In other words, do you intend to engage in a BtoB sales model, whether it is physical or online? Even if you are not doing in right away, but you intend to do BtoB sales some day, you need to understand the markup that the retailers would add to your type of products and define your own retail price that is aligned with the price that the retailer would sell your products at.
Let’s take an example. Let’s say that there is this store you’ve always wanted to sell your product in. This store usually adds a 100% markup on the cost they have purchased your product, your own retail price should then also include this markup.
Let’s say that your BtoB price is USD 50, so for the retailer the cost of buying from you is USD 50. Then the retailer adds a 100% markup and sells your product in his store at USD 100. In that case, your own retail price should be aligned with the retailer’s retail price and should be approaching USD 100 and that, even if you are not selling to this retailer YET.
Why? If you don’t do that, you might lock up your brand in a situation in which it is difficult to grow in terms of sales or lose your existing, first customers.
It’s very tempting, and I’ve seen so many fashion brand owners go down that road, to say, I’m perfectly fine with selling my products to my end customers at USD 50 because it covers my costs and I earn a good profit that I’m happy with and I don’t want to increase my retail price any more because it is the fair price for my customers. And I totally understand that because with the Direct to Consumer model, you do not need a third distribution party, you can cut down one layer of intermediary and, provide a better price for your customers.
However, you need to bear in mind that if you do not include BtoB sales one day, your sales will be capped at your own ability to drive traffic to your own stores and it will be capped at your own ability to generate sales.
And I want to be very clear here. I am not saying that you need to include BtoB sales in your business model but if you do not consider BtoB, your sales growth will be limited to your own ability to generate sales.
This is a very important decision that you need to take into consideration early on in your business. Many of the fashion business owners, I have been working with, have started a Direct to Consumer Model. So for a couple of years, they have been selling their products at a retail price that does not include their retailer’s markup. When they decide to extend their distribution network through other retailers, they need to operate big changes in their business model because their need to increase their retail price to align with the retail price of their retailers. But, as I explained in a previous episode, it is tricky to change your price point once you are already selling to customers.
There are ways to go about that issue and I’ve helped brands going BtoB even if their initial own retail price was too low, but it was always a bit of a stretch and I advise you to have this consideration early on in your business launch.
The takeaway of this episode is to consider your sales channels as early as possible, if you decide to start with a DTC model, which you actually should because you always need to maintain the sales contact with your end customers, you need to seriously consider your own ability to generate sales. Of course, you also need to consider the associated costs to achieve your sales target because selling comes at a cost. So the retail price you set would also include these costs and in the end, you might be surprised, because your retail price might be closer to your future retailer’s retail price, sometimes.
If selling in a BtoB model is a possible option in the future, I advise you to survey your potential retailers to understand their markup structure and to include these elements in your own retail prices, so you get the right price point right away. Remember changing your price point is always tricky.
What has been your experience with defining your retail price? I would love to hear from you.
You can reach out to me by sending an email podcast(at)themindfulfounder.com
Hope this has been helpful and that this episode has given you some food for thought for your pricing strategy.
There will be many more Mindful Monday’s episodes on the subject of pricing. Particularly one on the impact of BtoB pricing and distribution channels, this might be interesting for you, particularly if you are planning to take your brand international and export your products.
That’s it for today, stay tuned and talk to you soon.
Host: Leekei Tang
Contact: hello (at) betterbusinessfounder.com
Music credits: Mister Sunny Face by Wayne Jones / Blue Skies by Silent Partner / Happy Ukulele by Scott Holmes
You need to understand that the right price is very much linked to the psychology of your clients and how they feel about your products, your brand and how they perceived your price point. This episode is about the few things you need to consider when you want to change your price point.
What is a price point? A price point is the average price range of your products. When you talk to BtoB buyers, your price point is usually one of their first questions. The price point helps the buyers and their client position your brand. So your price point help the buyers and clients know if your brand is for them from a price perspective, whether the price you are asking for matches with the perception of what your product is worth.
It is difficult and even dangerous for your business to change your price once you’ve started selling your products.
For the same product, if you suddenly increase significantly the price, your existing clients might just stop buying from you because they will perceive the price as too high for what they expect to pay.
Let’s say that you sell sweaters and you have been selling your sweaters at about $100, if suddenly instead of $100, your sweaters cost $150, well, some of your customers might think that they are not willing to pay that amount for that sweater and for the same amount they would rather buy a sweater from another brand, which in their mind is worth $150.
Did you notice that I did not say that your existing clients cannot afford your products anymore? they are not buying from you because they’ve bought your sweater at $100 before which it is the price that they perceived that is the right one for them. Not that they cannot spend $150 but because they perceive your sweaters worth $100. This is good news because it means that you can increase your price, and I can explain how you can increase your price point in a future episode.
What about a sudden decrease in your price?
And I’m not talking about sales or promotion here.
Well, that also might lead to lose some of your existing clients.
Why?
Again, it’s related to the psychology behind the price.
Say that your sweaters that you used to sell at $100, and now, you sell them at $50, for exactly the same product.
Sounds like a bargain for your customers, right?
Now that the price has been divided by 2, will your clients buy more of them?
Not quite, really. Why?
It might sound counterintuitive but there are so many reasons for that.
By dividing the price of your products by 2, you might harm your customers’ trust because they might think that they have been fooled by paying way too much for a product that is now worth half the price they have paid before.
They might also think that you have changed something in your sweater in order to sell it at a cheaper price, and without telling them the truth.
Or, even worse, they might believe that the price that they have paid, a $100, is a way for them to feel special because they bought a sweater that not everyone is willing to pay for, but now that it is at $50, many more people are willing to buy the same sweater and your existing clients would not feel so special anymore with your sweater.
You can see that either way, it is difficult to change your price point, whether it is increasing it or decreasing it.
Your existing clients, once they have bought your product, have associated your brand with a certain price point that is the RIGHT ONE in their mind. By increasing or decreasing significantly your price point, you might create a confusion in their perception of your brand.
So, when you launch your products, you have to think really carefully about your prices and who your products are for.
And when you need to or you want to change your price point, you need to think of the narrative that you will share with your clients to help them perceive your brand at your new price point.
I would love to hear from you and experience with changing your price point
You can reach out to me by sending an email podcast(at)themindfulfounder.com
Hope this has been helpful and that this episode has given you some interesting food for thought for your pricing strategy.
There will be many more Mindful Monday’s episodes on the subject of pricing.
Stay tuned and talk to you soon.
Bye bye
Host: Leekei Tang
Contact: hello (at) betterbusinessfounder.com
Music credits: Mister Sunny Face by Wayne Jones / Blue Skies by Silent Partner / Happy Ukulele by Scott Holmes
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