How to Position Your Pricing and Beat Your Competition | Ep. 96 | Business Podcast
Summary
In today’s age of the internet’s instant price comparison on just about any product or service it can be tempting to lower your prices to keep up with your competition.
Pricing on Amazon has gotten so cutthroat that companies resort to pricing below cost in hopes of acquiring a customer and selling something at a profit later. It becomes a race to the bottom. And…
That’s not how you want to build a profitable business.
Listen in where I share a short story that will spark some creativity on how to position your pricing and beat your competition dead in their tracks.
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More Information on Build a Business Success Secrets
Hello, friends. Welcome to the show. Today. We’re talking about how to think creatively about positioning your pricing. Here we go. Welcome to build a business Success Secrets. The only podcast that provides straight talk for entrepreneurs. Whether you’re an entrepreneur, starting with an idea or growing your business, this show is for you.
We’ll teach you how to build a strong mindset, powerful body and profitable business so you can achieve success. And here’s your host, Brandon. See White. I was riding my bike down the Pacific Coast on Route one the other day, thinking about how we should price our products, and it got me thinking about Alan Payne, who I had a conversation with in Episode 91.
If you haven’t listened to it. Allen built an incredible blockbuster franchise, but he got to that franchise because he had another video store and actually one before that. And they had a really interesting pricing strategy that outsmarted the blockbusters that opened across the street from them. Then it got me thinking about a story I remember there was a salon owner in a very small town who basically owned the market, and he cut everybody’s hair in town, and it allowed him to provide for his family, had a very nice house in an upscale neighborhood.
He put his three kids through college and had a nice nest egg for him and his wife. But he still needed to work, and a bunch of big boxes started moving in, which started to make him nervous. And then one day, a big box haircut, salon, whatever you want to call it moved in across the street, and they put up a sign that said everything for $6 $6 haircuts, $6 hair coloring, $6. Manny Petty’s Everything was six bucks, and over the next few weeks his sales started to decline.
People were trying the six bucks deal, and he could feel this sinking feeling in his stomach. You know that feeling happened when that happens, he said. I am ruined. I’m done. I won’t be able to retire. I have no idea what I’m going to do. I can do nothing else. I’m ruined. So he did the one last thing that he had hoped would come up with an answer but wasn’t sure and hired A business consultant business consultant walked into his hair salon said, Wow, this is an amazing place And he said, Yeah, yeah, yeah, But look across the street, they’re doing everything for $6 they’re killing me. Consultant was very calm.
Continue to look around the salon, pick up some things on the tables, read a few pieces of literature. And then he walked through the door. He looked out. He put his hand over his eyes, and he squinted at that sign and a big smile came over his face. He pulled out his cellphone, dialed the local sign shop, and he said, We need a new billboard in big letters. I want as fast as you can make this thing the words in large font we fix $6 haircuts. So before you go out and start discounting your products prices because your competitors are lowering, there’s think creatively how you can position your product.
Thanks for being generous with your time and joining us for this episode of Build a business success secrets. Before we go, let me ask you a quick question. Are you the type of person who wants to get 100% out of your time, talent and ideas? If so, You’ll Love our Monthly Built A Business Success Secrets newsletter. It’s a monthly playbook about the inner game of building a successful business. Recent issues have shown how to avoid losing money on Facebook and Instagram paid ads with this science backed strategy. How to build a pitch deck to raise money in 13 simple slides.
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