@Michael Kerr and @Jon Manning on why #pricing is the biggest lever for improving profitability. They discuss using pricing strategies as a highly effective way to increase small business profitability. They explore the #psychology behind pricing, the common hesitations business owners face when considering price increases, and the importance of effectively communicating these changes to customers.

They cover innovative pricing tactics, the significance of choice architecture in proposals, and the necessity of establishing a systematic pricing cadence.

Key takeouts;

the need for businesses to understand their value proposition
how and when to reassess pricing models to ensure sustainability and growth
why business owners need to engage in meaningful discussions with their customers about value and pricing
the importance of understanding the different 'business unit' within a business when considering price changes
the psychological aspects of pricing that affect customer perceptions
how reframing pricing discussions as value conversations can help

Chapters

00:00 Introduction to Pricing Strategies

09:37 The Psychology of Pricing and Business Owner Hesitation

18:34 Communicating Price Changes Effectively

23:07 Understanding Customer Value and Pricing Conversations

31:08 Reassessing Pricing Models for Profitability

37:41 Understanding Pricing Complexity

40:00 Innovative Pricing Tactics

47:12 The Power of Choice Architecture

55:48 The Psychology of Pricing

01:01:39 Establishing a Pricing Cadence

01:10:26 Government and Pricing Dynamics

@kerrcapital

@pricing prophets

Thanks for listening. Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.

Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.

Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.

michael.kerr@kerrcapital.com.au

Ricarda Lang, Grünen-Politikerin: Die Polarisierung macht mir Sorgen

Die Boss - Macht ist weiblich

Mit Verbündeten und Gegnern umgehen

The AI-powered Podcast Player