The Profit Accelerator Podcast

"Price Points: Navigating the Fear of Raising Your Rates" with Stephanie P. Kemp

March 13, 2024 Dawn Kennedy Season 1 Episode 128
"Price Points: Navigating the Fear of Raising Your Rates" with Stephanie P. Kemp
The Profit Accelerator Podcast
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The Profit Accelerator Podcast
"Price Points: Navigating the Fear of Raising Your Rates" with Stephanie P. Kemp
Mar 13, 2024 Season 1 Episode 128
Dawn Kennedy

Dawn talks with Stephanie P. Kemp. Stephanie is an award-winning choreographer, teacher, mentor, author, and no-nonsense CEO. A serial entrepreneur, she has used her time-tested techniques, strategies, and lessons to not only sustain her seven- and eight-figure businesses but endure and thrive for over three decades. Dawn and Stephanie talk about whether or not you should raise your prices and the fear around raising your prices.

In this episode…

Who is Stephanie P. Kemp and whom does she serve? (1:11).
Revenue is vanity versus Profit is sanity(2:46)
There are a lot of businesses that may be hesitant, even in the face of inflation, rising costs of things to raise their prices for a number of reasons. But why is it important? And if we don't do it, what happens? (4:00)
Is the fear of not raising prices tied to the perceived market value and the ability to sustain business operations and growth, rather than solely focusing on the numerical aspect of pricing? (6:39)
Following up to make sure that we had a good experience and those types of things that that I don't think we think about as not only being a cost in the business, but an extra step that maybe our competitors aren't even doing, that would bring additional justification for our prices. (10:50)
Can personalized contact and relationship-building efforts be considered sufficient value additions to justify raising prices?(12:32)
What are your thoughts about holding sales or, doing a bonus with purchase type of thing? What strategy especially in this business environment,  to attract those customers or what kind of pricing things should we consider?(15:09)
Does the Groupon model, which prioritizes attracting new customers but often fails to convert them into repeat business, ultimately lead to financial losses for businesses?(18:42)
Can you talk a little bit, about that customer turnover and whether or not you think the number in price would affect that, or if it really is the fact that they're just getting them in the door, maybe on a sale, and not keeping them? (21:10)
How did your pricing strategy evolve over your 34 years in business, starting from price competition, and why is this perspective significant for others to consider? (25:39)

Stephanie Kemp’s Information.

Website: https://stephaniepkemp.com

Linkedin:https://www.linkedin.com/in/stephanie-p-kemp-7a69b4205/

FB:https://www.facebook.com/StephaniePKempAuthor

Dawn’s Website: https://dawnkkennedy.com/

Links and Freebies- https://dawnkkennedy.com/free/

In-Depth Information, Tips, and Strategies- https://dawnkkennedy.com/blog/

Thanks for listening. If you liked what you heard and want more, please like us on Facebook https://www.facebook.com/dawnkkennedymentor

Subscribe to our Youtube Channel: https://youtube.com/@dawnkkennedyxo?si=DcRcjv7H0KN5_vFP

Follow us on Instagram https://www.instagram.com/dawnkkennedyxo

Order Dawn’s book, The Profit Accelerator for Small Business The Profit Accelerator for Small Business: Kennedy, Dawn: 9781736208601: Amazon.com: Books

Show Notes

Dawn talks with Stephanie P. Kemp. Stephanie is an award-winning choreographer, teacher, mentor, author, and no-nonsense CEO. A serial entrepreneur, she has used her time-tested techniques, strategies, and lessons to not only sustain her seven- and eight-figure businesses but endure and thrive for over three decades. Dawn and Stephanie talk about whether or not you should raise your prices and the fear around raising your prices.

In this episode…

Who is Stephanie P. Kemp and whom does she serve? (1:11).
Revenue is vanity versus Profit is sanity(2:46)
There are a lot of businesses that may be hesitant, even in the face of inflation, rising costs of things to raise their prices for a number of reasons. But why is it important? And if we don't do it, what happens? (4:00)
Is the fear of not raising prices tied to the perceived market value and the ability to sustain business operations and growth, rather than solely focusing on the numerical aspect of pricing? (6:39)
Following up to make sure that we had a good experience and those types of things that that I don't think we think about as not only being a cost in the business, but an extra step that maybe our competitors aren't even doing, that would bring additional justification for our prices. (10:50)
Can personalized contact and relationship-building efforts be considered sufficient value additions to justify raising prices?(12:32)
What are your thoughts about holding sales or, doing a bonus with purchase type of thing? What strategy especially in this business environment,  to attract those customers or what kind of pricing things should we consider?(15:09)
Does the Groupon model, which prioritizes attracting new customers but often fails to convert them into repeat business, ultimately lead to financial losses for businesses?(18:42)
Can you talk a little bit, about that customer turnover and whether or not you think the number in price would affect that, or if it really is the fact that they're just getting them in the door, maybe on a sale, and not keeping them? (21:10)
How did your pricing strategy evolve over your 34 years in business, starting from price competition, and why is this perspective significant for others to consider? (25:39)

Stephanie Kemp’s Information.

Website: https://stephaniepkemp.com

Linkedin:https://www.linkedin.com/in/stephanie-p-kemp-7a69b4205/

FB:https://www.facebook.com/StephaniePKempAuthor

Dawn’s Website: https://dawnkkennedy.com/

Links and Freebies- https://dawnkkennedy.com/free/

In-Depth Information, Tips, and Strategies- https://dawnkkennedy.com/blog/

Thanks for listening. If you liked what you heard and want more, please like us on Facebook https://www.facebook.com/dawnkkennedymentor

Subscribe to our Youtube Channel: https://youtube.com/@dawnkkennedyxo?si=DcRcjv7H0KN5_vFP

Follow us on Instagram https://www.instagram.com/dawnkkennedyxo

Order Dawn’s book, The Profit Accelerator for Small Business The Profit Accelerator for Small Business: Kennedy, Dawn: 9781736208601: Amazon.com: Books