Small business owners are faced with a myriad of decisions every day - and one of the most challenging decisions is how to price products and services. Is this price too low? Is this price too high? How do we know we’re getting what we’re worth?
Today’s guest is going to pull back the curtain on the mystery that is price-setting. Per Sjofors, aka The Price Whisperer, spent years running companies and doing experiments on pricing. Some were successful. Some were complete duds. And everything he read in business school didn’t shed any light on why some worked and some didn't.
So he took it upon himself to figure it out, and now his company is helping clients 5x - 10x their revenue in just a few years.
In this episode, he explains why pricing should be the centerpiece of your business strategy, how you can leverage it to attract the type of customers you want, and how you can earn the right to charge higher prices. He also gives some real-life examples of how some big names use “fighting brands” to reach new markets and how fear plays a significant role in the purchase-making process.
We say this often, but this is definitely an episode you’ll want to listen to with pen and paper at the ready!
What You’ll Learn:
The power of branding when it comes to prices
The concept of Pricing Power
Why you shouldn’t price based on competition
A practical strategy you can use to find the best average price for your product or service
Why the price isn’t always the deciding factor for some buyers (or, at least, the ones you WANT to attract)
Price anchoring and how it can have a considerable impact on your business
…and much more!
Favorite Quote:
“Price selects your customers.” -Per Sjofors
Connect with Per:
His book, The Price Whisperer: A Holistic Approach to Pricing Power is available on Amazon and other major retailers.
You can also connect with him on his website, www.sjofors.com, or LinkedIn: https://www.linkedin.com/in/persjofors/
How To Get Involved:
Matthew Meehan and Luigi Rosabianca use their combined experience to provide insight and strategic advice to help small and medium-sized businesses in America have the same opportunities as corporate 500 companies. If you’re looking for tailor-made solutions to grow your small biz, learn more at www.shieldadvisorygroup.com.
Stay Connected:
Connect with Matt and Luigi on Instagram:
@matthew.r.meehan
@luigi_rosabianca
@theLiquidLunchProject
@ShieldAdvisoryGroup.
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Setting Prices for Your Small Business with Per Sjofors, The Price Whisperer