This is the fifth in a 7-part Profitability series coinciding with the July 14 release of my new book, Profit In Plain Sight: The Proven Leadership Path to Unlock Profit Passion and Growth by New York publisher Morgan James, AND the accompanying 2015 Return on People Benchmark Report that will help you shatter your profitability speed limits, set the bar higher, and achieve your new goals.
Part 5: Who Has the Pricing Power… and are You Leveraging It?
Do you know instinctively that you’re leaving money on the table with some of your customers, bending over backwards to go above and beyond, service the heck out of them, and deliver great value… and that you haven’t found a way to price for it yet? Well, those days may be over when you pick up your copy of Profit in Plain Sight on launch day, July 14th.
In addition to outlining a straightforward way to price for value, the book also includes a free download to a PDF called Who Has the Pricing Power, and it shows you exactly how and where to price for value. We’re not talking about gouging here, but simply pricing for all the good things you do.
Here’s an example. I am an avid power boater on the coast of BC, and because I have such a flexible schedule and love to write books and such sitting in a quiet bay somewhere on what I call “work-ation”, I’m often boating solo… and I’m not mechanically inclined.
I have the world’s best mechanic who take such good care of his customers that he rarely has time to spend sailing with his young family. I can call, email, or text him from just about any remote place with a problem, and if he doesn’t pick up right away, I’ll usually hear from him within just a couple of hours. He is the CAA of boat mechanics, yet he charges nothing extra for his 24×7 service!
I remember once being stranded in Desolation Sound with an inverter that wasn’t charging my batteries when heavy weather was coming in. I ended up with a 1 page email from him telling me exactly how to check the fuses… and replace any that were faulty with a spares kit he’d provided for me.
Now, do you think I would pay a “damsel-in-distress-would-love-to-boat-safely-all-summer”/CAA type of fee for all this support! Darned right I would! Yet until I filled him in on this little tip, he was working for free (and still extends me that courtesy as a loyal client)
So this summer, I want you to repeat this mantra over and over until it sinks in: “We Don’t Work For Free Anymore!” Then pick up a copy of the book and find out how to test potential price increases in a zero-risk way that will never create a backlash. It’s time you were paid what you’re worth!