price

It all depends

““The price of originality is criticism, and the value of originality is priceless.””
— Burrellism

This quotation suggests that when individuals or ideas are original and innovative, they often face criticism and resistance from those who are more accustomed to the status quo. When in fact the value of originality, in terms of the positive impact it can have on the world, on creativity, and on progress, is immeasurable and truly priceless. Therefore, I think the quotation emphasises the importance of persevering through criticism to achieve the benefits that come with being an original thinker or creator.

Four ways

There are only four ways to increase profit:

  1. Increase volume

  2. Increase price

  3. Reduce cost

  4. Change product mix

It's important to note that these strategies are not mutually exclusive, and often, businesses use a combination of these approaches to achieve sustainable profit growth. Also, other strategies and factors can influence profitability, such as marketing, branding, customer service, and innovation. Even though I think that understanding the changing market dynamics is typically the most effective way to increase profit over the long term. The effectiveness of these strategies can vary depending on the industry, market conditions, and the specific circumstances of a business. Contact me via e-mail to arrange a meeting about a more well-rounded approach that considers all aspects of your business.

When is the price right?

Price has always been one of the deciding factors for making purchasing decisions. Nowadays consumers are more willing to shop around the internet for “cheaper” prices across retailers and marketplaces rather than going directly to the brands website. I think in the world of algorithms, hashtags and followers, it’s important to understand the true importance of human behaviour.

“Nowadays people know the price of everything and the value of nothing.”
— Oscar Wilde

Dealing with rejection

A study by the Sales Benchmark Index concluded that only 13% are natural born salespeople, that means that 87% have to work at it, learn how to sell and rejection is part of the learning process. Most salespeople hate to be rejected, they hate how they feel after putting all that time and effort into that deal or relationship and then the client says no. Rejection is one of those things that we all know can install self-doubt, but when people reject your product or service, they are not rejecting you - don’t take it personally, stop being so egotistical, it’s about your product or service.

 

Would you like to learn how to shift your paradigm and view rejection as an indicator that something is not right? Rejection is an indicator that you are doing something wrong. I think that customers will reject you in sales based on three things: product, presentation (sales pitch) or price and it hardly ever has anything to do with you personally, so don’t get emotional when you lose a sale.

1. The product is not aligned with what they want or need. and the way to fix that is by improving your pitch.
2. The price, as maybe they can’t afford it.
3. A good presentation consists of you showing the customer how your product or service is going to help them increase their revenue, reduce their costs and/or expand their market share.

 

Most salespeople blame the product or the price for being rejected, and both of these can be fixed with a great sales pitch (presentation). It’s never really about the product unless you are selling to the wrong market but if you know who your target market is you know it’s not the product. And if you are targeting the right people in the right market segment and in the right demographics then you’ll know that it isn’t really about the price. If you are being rejected the indicator is that one of those 3 are broken and it’s most likely it’s the pitch.