"This book is about the strategy and tactics of smart pricing. It's for anyone who wishes to understand how pricing works and how to avoid common mistakes, including those due to cognitive bias. Along the way you will discover insights, tools and actionable guidance on how to set and manage prices; when and how to harness higher prices in a beneficial way. This will allow you to understand how to create a value-seeking entrepreneurial culture in your organisation, how to talk about pricing strategy with others and how to get them on board. This book is therefore for business managers, business owners, students and entrepreneurs. More broadly, it's for those who wish to grow a business - whether a new one or an established one - and are interested in how this can be helped by smart pricing. Done correctly, smart pricing can also help avoid the time-consuming and expensive process of raising new investment, such as pursuing bank loans or selling shares to investors, which are otherwise often required for growth. My principal aim in writing this book is to help businesses avoid a critical error that is seen again and again while working with companies, both large and small. That error is underpricing or pricing incorrectly. It's one of the most common failings encountered in early stage enterprises, it's also a mistake many long-established businesses make, and it's a mistake that hugely damages any business's chances of real success. There's often a 'sweet spot' for any price, but whilst prices can be too high or too low, being too low tends to be far more common. In considering how any given price is perceived, companies also often underestimate how important the 'framing' of pricing is. Price is one of the most important factors in determining whether any growing firm survives and thrives, yet the perils of underpricing remain massively unappreciated. This enduring blind spot doesn't just represent a major threat to an individual growth business; by extension, it also jeopardises a country's broader societal and economic health"--
Getting your pricing strategy right is the difference between sustainable growth, investing in product development, and happy, engaged customers and stakeholders. Harvard Business Review research shows that pricing has almost 4 times as much influence on a companys ability to reinvest than top line sales growth. But if you dont understand the psychology of pricing, having the wrong price can undermine your chances for success.
Double Your Price is your practical, accessible guide on the theory, strategy, psychology, and execution of pricing. With useful tools, and clear, realistic guidance on how to leverage pricing to drive business success, youll be able to answer the following questions for your business or product:
- How much should we charge for our product or service?
- How much are our customers willing to pay?
- If we increase our price, will we lose customers?
- How can setting prices help us cover our costs?
- What are the benefits of a pricing strategy?
- Will increasing or decreasing prices help my business to succeed?
Covering how pricing works, how to avoid cognitive bias, how to convince others, and many different pricing strategies, Double Your Price includes a practical set of insights, tools, and actionable guidance, and a Foreword by Lord Sainsbury.
A well-designed and progressive pricing strategy is one of the most powerful tools available to businesses. Get yours right.
A practical, accessible guide on the theory, strategy, psychology, and execution of pricing. With useful tools, and clear, realistic guidance on how to leverage pricing to drive business success.
