BRX Pro Tip: Pricing Strategy – Add More Value
Stone Payton: [00:00:00] And we are back with Business RadioX Pro Tips. Lee Kantor and Stone Payton here with you. Lee, under the heading of pricing strategy, what are some things we should consider beyond just adding more value?
Lee Kantor: [00:00:17] I think it’s important to kind of always be reevaluating your services, and to see if there’s something you can add to an existing service that adds more value that you can sell it for a premium price, five to ten times the price of anything else that you’re offering. And once you do that, then maybe you have the ability to sell it to a larger company, or maybe you can tweak your offering to sell it to another department in a current client’s business. You know, maybe you can offer a bundle, some of your things together. And if you’re working in one area of the company, you can bundle something together to work in another or multiple areas of the same company.
Lee Kantor: [00:00:53] What is it that you can be doing right now that can make whatever service you have or are offering bigger or better or different? Start thinking in terms of adding this premium product to your arsenal in your menu of items. Number one, this will help anchor a higher price and more value in your offerings, which will help your brand and make you seem more valuable and kind of more premium price. And it’ll help your clients see you as they made a good investment. This is kind of the best service provider because they offer these kind of services.
Lee Kantor: [00:01:29] So, you don’t want to kind of keep working on the lower end of the pricing scale. You should always be kind of pushing higher and coming up with more and more expensive services that you can be providing that provide more value that help maybe a larger type client engage with you.
Stone Payton: [00:01:47] Well, I got to tell you – and I’ve learned this from you and our studio partner, John Ray – I’ve witnessed it firsthand, I think there’s some wisdom in paying careful attention to the sequence of the communication. But I have tried to exercise this discipline to some degree. And, initially, in a sales conversation, when we get to that topic, I’ve learned to talk about that premium product service suite, and I think you used a great word for it. That sort of anchors that. And then, if we need to move a little further down the continuum to fit the needs of the client, great. But that does seem to be a much more powerful way to just frame up the entire conversation.
