Got the best product or provide the best service in the industry? Are you among the best? In the middle? Do you know where you fit into the marketplace? How much is your product or service worth? How do you know? Who determines value? Can you increase your product or service’s value?
If you aren’t certain about the answers to these questions, it’s okay. Often, as business owners and managers, we get so close to our business and focus so keenly on working in the business, that we find it very difficult to remove ourselves from ground level and re-connect from 10,000 feet.
But it’s of vital importance for you and the future of your business that you take a very critical view of your products and services to honestly determine where you fit into the marketplace. Even if you are at the lower end of the price-spectrum, it’s okay…you have a niche and you can be wildly successful there. It’s when you, with the best intentions, attempt to place your services and products outside their proper position in the marketplace, that you are destined to failure or, at best, frustration and missed opportunities and lost revenues.
Profit Proven Steps to Success
The P-Cubed Program will insure that you make the most informed decisions about your pricing, packaging and promotions, based on objective analysis from the PSG team. With the customized, P-Cubed play in your Playbook, you will gain deeper insight into your product or service’s niche, how you can increase value with creative packaging that will allow you to raise prices and perceived value while gaining a larger market share, and finally, the most effective and strategic means of promoting your skillfully packaged products and services.
Who determines how much each tee time is worth?
Answer: the market of course! Many owners and managers price their products and services based on what they feel it is worth. In actuality, you should ask for the highest price that your customer is comfortable, willing and able to pay at any given time. Good record keeping and an acute awareness to trends will inform this price. Does this mean you need to discount, “NO” in many cases you are not charging enough and you could be leaving major revenue on the table.
The first step in developing your pricing strategy is to analyze and evaluate your customer buying patterns, specific product profit margins, competitive pricing and, of course, demand. We have seen over and over that these criteria change constantly and so should your pricing strategy. This innovative program focuses on maximizing profit during high impact periods and using strategic promotions to move more product in periods of lower demand, maximizing your sales volume and revenue every day of the year. See Promotions Section below.
Today, people set an extremely high premium on their time and, with less and less disposable income and more sophisticated buying habits, an even higher premium on savings or getting a great deal. Much of that is simply a matter of a buyer’s perspective and it is up to you to influence that perspective. We will show you how to do just that through effective, creative and strategic packaging.
Effective packaging creates convenience, along with time savings and cash savings. It can’t be done without meticulous study and research but strategic packaging is also an art, which CSG has been developing for decades. If you offer multiple products and services, why not increase the total sale by packaging those products/services to create additional value, and demand? Use packaging to introduce new products/services along while separating you from your competition by creating a convenient, easy-to-buy environment. How you package your products and services can easily add millions to your bottom line, if done in an informed, precise and creative manner all of which you can learn in P-Cubed Play.
What is the difference between promotion and discount?
Promotions are short term, well thought out offers that use value, benefit statements and sizzle along with the financial savings to promote the product. Promotions create immediate demand and long term product branding. Discounting is simply reducing price, and devaluing your product in hopes to make up revenues through increased sales volume. Unfortunately this practice often leads to long term price deterioration which is nearly impossible to recover, no matter how good your packaging, let alone your products.
Like packaging, promotion is part precision and part art-form. You must have a keen awareness of your margins, your market, your place in the market and the perceived value of your products and services, all of which you learn through Pricing and Packaging section of The P-Cubed Play. We’ll also learn the what, when and where to launching your new promotions to maximize the positive revenue impact generated.
By implementing the strategies above, our clients have increased their sales by millions of dollars. The same can happen with you. Let us help you build the perfect P3 for your company.