Master the Art and Science of Pricing | The Business Coach - Episode 69

In this episode of The Business Coach Podcast, host David Finkel delves into the intricacies of pricing strategies with Rich Wood, the coaching director for Maui Mastermind. They discuss how to intelligently set prices using three key strategies: pricing from the inside out, the outside in, and value-based pricing. They also address the common fears businesses have around raising prices and share actionable insights on how to handle price increases without losing customers. Additionally, they explore how business owners can identify their best clients and manage their least profitable ones through strategic pricing adjustments. Tune in to discover practical tips for achieving better profitability and efficiency in your business. #BusinessCoach #PricingStrategies #Profitability

00:00 Introduction: The Importance of Pricing
00:36 Welcome to The Business Coach Podcast
01:17 Meet Rich Wood: Expert in Business Coaching
01:38 Three Key Pricing Formulas
02:22 Casual Conversation: Hiking and Gadgets
04:20 Case Study: Pricing Challenges in a Data Analytics Company
06:24 The Art and Science of Pricing
10:36 Value-Based Pricing and Sales Skills
16:39 Commodity vs. Differentiated Business Models
22:19 Handling Fear of Price Increases
27:15 Final Thoughts and Takeaways
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Links
Website: mauimastermind.com/
Facebook: facebook.com/MauiMastermind/
Instagram: instagram.com/mauimastermind/
LinkedIn: linkedin.com/company/maui-mastermind