Simple Formula for Defending Price
The starting point to achieving higher prices and defending price is always value. You must have a good product or service. If you have a crappy product or service, pricing is not your problem. Fix[...]
Bite-Sized Pricing
A client recently told me a story of taking his team out to dinner at a fancy steakhouse. The waiter described fine, hand-rubbed Wagyu steaks for a mere $6.25 per ounce, which sounded very reasonable.[...]
Super Special Saturday Tires
One of my clients is a tire retailer. You know, one of those places where you buy tires at the counter for your car, and then you wait while they change your tires. They are[...]
Negotiating Strategies Aren’t Market Intel
Do not confuse customer negotiating strategies with market intel. Do not confuse buying tactics with objective data about the value of your products and services. They are not the same thing. Your customers will always[...]
Ana the Psychic’s Emergency Readings
I was giving a talk in the Detroit area recently, and a business owner shared a story with me about variable price sensitivity that I think is just too great not to share. He told[...]
Boom or Bust: Does Strategic Pricing Still Apply?
Hello pricing nation! I’ve missed you all. I apologize for my blog hiatus. I’ve been busy with my kids and my clients, and while my brain is chock-full of blog ideas, I hadn’t sat down[...]
Sell the Hole, Not the Drill
The famous marketing statement is "No one wants to buy a quarter-inch drill. They want to buy a quarter-inch hole." The customer's problem is that they have a piece of wood, and they need a hole[...]
Sales Teams: Who’s the Boss?
Sometimes sales people will negotiate harder with the home office about pricing than with the customer. They will make nice with the customer and then fight tooth and nail with the boss to get the price[...]
“I Can Get the Same Thing Cheaper…”
My clients often fear charging more than their competition. I ask them, "Are you better than your competition? Can your competition do what you can do?" Almost always, my clients are aware of many ways they[...]
Doubt Masquerades as Price Sensitivity
Who is more price sensitive? The customer you already have who loves you or the prospective customer who doesn’t know you yet? The prospective customer of course! Why? The reason is that the existing customer[...]
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