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The Pricing Masters... an intensive 5-Day e-mail course on
finding the Perfect Price that will maximize your profit.
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If you have a friend who would benefit from taking this
course, please pass this on.Or tell that person to receive
the 5-day course by sending a blank e-mail to...
tpmsalliesunme@sitesell.net
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Refer to this course whenever you price new products and
monitor or upgrade existing ones. Print each e-mail out,
pour yourself a beverage of choice, bring along a pen to jot
down some ideas, and take it all to your favorite sofa. This
is serious stuff -- pricing makes or breaks many products.
So get into a comfortable spot for maximum learning.
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Pricing Masters 101
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INTRODUCTION by Ken Evoy, M.D.
The Perfect Price (tm) is that price that maximizes your
profits while building a lifetime customer through value
satisfaction.
All the pieces of the business marketing puzzle fit together
in that simple yet powerful statement.Over the next four
days together, we will examine each puzzle piece in more
detail. We will learn how to find the Perfect Price for a
product or service... in today's or tomorrow's market.
And it's so "do-able"! Ready to price with confidence?
Let's do it.
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On the Internet, time waits for no company. Your customer
has access to tons of information through the Web. Your
competitor is a mere mouse click away. You have to get the
price right... the first time. In the digital market scene,
there are very few second chances.
Pricing is risky. What price is too high? What price is too
low? Will a certain price work three months from now? Do you
know? Do you know for sure?
Pricing is the single most important marketing decision
you'll ever make. You have to know what price you should
charge so that you can promote it effectively and place it
into the hands of your customer. It's the marketing guide to
success!
-----SIDEBAR-----
I had priced our first e-book, Make Your Site Sell! (MYSS!)
at the ridiculously low price of US$17 to penetrate a
competitive marketplace.We wanted to overwhelm our
customer with high-quality information at a price that
anyone with *any* interest at all in selling on the Net
could not reasonably refuse.
The result?Huge sales, delighted readers and MYSS! is
known as the BIBLE of how to sell on the Net...
While we knew the general strategy for MYSS!...
Did we know the right price before starting out?No way!
Did we know what effect $5 more or less would have on the
bottom line?Nope.Did we like that lack of confidence?
Strike three.
http://myss.sitesell.com/
-----SIDEBAR-----
Take a minute or a few more... go back to the computer and
do a search on the Net for the keywords "pricing" or
"pricing software". I'll wait right here....:-)
...
No surprise that you're back so soon! There's not much out
there to help anyone, small or large business owner,to
price perfectly.
If you are selling a commodity, you already know that your
profit margins have to be razor-thin. You are forced to
compete on price. It's sometimes the only thing that sets
you apart from the field. Your business operation has to be
seamless.Gaps are too costly.
If you have a proprietary product, its uniqueness and
benefits have to be recognized as such by the market. You
have to know if your product has enough original features to
warrant a higher price than the cookie-cutters around it.
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In my case, for MYSS!, I used the old tried and true
"gut feeling" to decide on my price. Not very scientific,
was it?
What do you use? The traditional "bottom up" salad bowl
approach... direct and overhead costs tossed together with
market pressures before being "dressed" by the price?A
chat with your salespeople?A look at the competition's
markup? Is your way any more scientific or reliable than
mine was? I'd love to hear about it, if it is.;-)
OK. I think we agree that pricing is critical to our
businesses.It's the only part of our operating equation
that brings money into the company and into our individual
pockets.It's the P that "extracts the value" out of the
perceived value that you create through the product itself,
and through your promotion of it.
Because of that, the right price for a product or service
has to be a top priority. The Perfect Price maximizes
profits... and income is what it's all about at the end of
a business day.
-----
Luckily for you, but definitely not for your competition,
you're on your way to success.After this 5 day e-mail
course, you will know how to determine the right price. You
will know how to *find* the Perfect Price. Not bad for such
a short time commitment!
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Now, here's your homework for today.Examine your business
using the 4 P marketing magnifying glass.
1) Look at your Product.What do you sell?What does your
customer buy?What are its major benefits?How important
and unique are they?
2) Look at your Promotion. How do you promote your product
or service?
3) Look at your Place.How do you ship from place A to
place B?
4) Look at your Price.How do you decide on which price to
charge?How did you decide on your "macro" pricing model
(ex., penetration-pricing or high-priced model) and how did
you choose the exact number?
Write down your answers before you receive the next issue.
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Do you feel confident about your price?Will your feelings
be the same two months from now? If you upgrade or modify?
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See you tomorrow.I'll leave you with this picture of
imprecision and its consequences...
"I have heard of a man who had a mind to sell his house, and
therefore carried a piece of brick in his pocket, which he
showed as a pattern to encourage purchasers."
-- Jonathan Swift (1724)
-Ken
P.S. While you're waiting for tomorrow's e-mail, please
review the MYPS! Web site so you have a solid idea of where
we'll be going over the next four days...
http://myps.sitesell.com/
P.P.S.Please -- save this e-mail.So many people ask us
for "back issues" when they realize how strong the whole
course is -- but it's all automated.Print them all and
refer to them again and again whenever you need to give
pricing some thought...
... which is ALWAYS!
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TO UNSUBSCRIBE
To unsubscribe, send a blank e-mail to...
unsubscribetpms@sitesell.net
NOTE: You must send it from the same e-mail address that is
subscribed to this 5-day course.
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Written by Ken Evoy, M.D.
President of GoodBytes Information Products Inc.
(c) copyright 2000 GoodBytes Information Products Inc.
Perfect Price and Teeter TM GoodBytes. MYPS! patent-pending.
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