Join Aaron and Terry in this week's episode of the 2 Regular Guys Podcast as they delve into the intricacies of pricing products. Whether you're a new business owner or seeking ways to optimize your current pricing strategy, this episode offers valuable insights and answers to burning questions. Explore the influence of competition on your pricing decisions, learn tips for setting initial prices in a new business, and uncover often overlooked factors for ensuring long-term profitability. Discover strategies to assess your financial health, maximize profitability, and identify new revenue streams. Learn how to adapt to market dynamics and take in some best practices for maintaining a competitive edge. Tune in for actionable tips and expert advice on optimizing your pricing strategy. Don't miss this episode as Aaron and Terry decode pricing strategies, equipping you with the knowledge and tools to make informed decisions that drive profitability and business growth.
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https://youtu.be/gIQ0yJB5bdA
Dad Joke
I started telling everyone about the benefits of dried grapes.
Just "Raisin" awareness
Pricing Strategies
Introduction (Aaron): Back on the 27th of January of this year you and I had a great conversation about the art of pricing. (https://www.2regularguys.com/the-art-of-pricing/) In fact, the show went 20 minutes into bonus time and we still didn’t cover all the stuff in our notes. We had marked that to come back to as pricing is one of the main struggles small business owners have. So we felt like this week was a great week here in the summer to come back and continue to dive deeper. We feel like we have 6 questions or areas we can explore to leave you all with some details to grow your confidence in pricing. This is one of the major areas we work with people on in Our Success Group, so I’m excited to have this discussion with you Terry!Terry: Just about every screen printing class I teach for the past 20 years, early on a hand goes up with the question, “Will you be talking about pricing?” And a few, “Yeah, that’s what I wanted to ask too.” It can feel a little overwhelming, but in the end, it doesn't have to be that complicated. We’ve put together these six questions and Aaron and I will both be commenting. So Aaron, here we go.
Does it matter what the competition is charging?
Yes, But ultimately NO - Importance of market research and understanding competitive pricing
Unique value proposition
Strategies to differentiate your business beyond price - Sell the Sizzle
Where do I start if I’m a new business?
OVERHEAD - Everyone Has Overhead
What are some factors overlooked when calculating costs?
Labor
Cost that are not on the website
Inbound Freight, Carrying Costs, Spoilage, Packaging
Insurance and fees
How do I know if I’m making money?
It's about having systems in your business. Things that become part of your regular cycle.
Regular Review of Budget v Actual
Outsourcing Accounting
What can I do to make more money with the business ...