Double Your Price, Boost Sales, and Skyrocket Profitability! with David Falzani

Double Your Price, Boost Sales, and Skyrocket Profitability! with David Falzani
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Summary:
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David Falzani is a CEO at Polaris Associates and a Professor at Nottingham University.

In this episode, David discusses the strategy for driving higher pricing by understanding the value delivered to customers. He also dispels the myths surrounding the notion that high pricing lowers sales, sharing the results of experiments conducted with various companies that prove otherwise.

 
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Why you have to check out today’s podcast:
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- Learn how to achieve profitability without constantly chasing pricing
- Find out the underlying reasons for underpricing and dispel common misconceptions about the negative impact of higher prices on sales
- Discover experiments where doubling your price yields significantly higher profitability compared to low pricing strategies

 
"Think dynamically about price and do it often."
- David Falzani

 
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Topics Covered:
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01:42 - Expounding on 'sustainable wealth creation'
02:54 - What caught his interest in pricing
04:36 - Three reasons why underpricing exist
06:48 - Emotional baggage and fear that comes with underpricing
08:13 - Frequency of price changes and increase
09:37 - 12 exercise the book suggests you can do to revisit your pricing strategies
12:13 - What makes companies lose confidence in pricing higher
14:37 - How to be profitable without chasing price all the time
17:01 - A case of a perfect example of understanding the relationship of pricing and customer value: Apple versus Android
18:21 - Why double your price? [And experiment you can do]
22:59 - Light double your price [an experiment for the more risk -averse]
24:29 - Looking at the numbers in terms of feasibility of price increase
26:57 - Busting myths about pricing higher
29:24 - David's best pricing advice

 
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Key Takeaways:
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"The frequency of revisiting your pricing decisions. Every time you revisit it, do something different, use a different piece of analysis." - David Falzani

"Don't just go and revisit the same comparison to competitors or if you are using cost- plus, which I hope you're not. Think about the frequency at which you are reviewing those pricing decisions." - David Falzani

"The more you look at pricing, the more questions that are raised, the more you start to educate yourself about your own customers, your clients, the market, competitors, and all those dynamics." - David Falzani

 
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People/Resources Mentioned:
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- Thinking, Fast and Slow by Daniel Kahneman: https://www.amazon/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555

 
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Connect with David Falzani:
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- LinkedIn: https://uk.linkedin.com/in/davidfalzani

 
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Connect with Mark Stiving:
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- Email: mark@impactpricing.com
- LinkedIn: https://www.linkedin.com/in/stiving/
- Twitter: https://twitter.com/markstiving?lang=en
VISIT THE IMPACT PRICING PODCAST for Full Show Notes and Resources:
http://impactpricing.com/podcast/

Видео Double Your Price, Boost Sales, and Skyrocket Profitability! with David Falzani канала Impact Pricing