Welcome to Pricing Bites - September 2024
Jenny Millar
Jenny Millar | Founder at Untapped Pricing | Empowering teams to unlock profitability and deepen customer connections with smarter pricing
51% of businesses say they don’t know the importance of price versus other factors when customer are considering buying from them, according to more than 700 businesses who have used our Pricing Scorecard for a pricing health check.
Businesses should be aware of the role of price alongside factors such as:
Gain valuable insights into your pricing strategy with our award-winning Pricing Scorecard: www.ThePricingScorecard.com
In this month’s newsletter enjoy…
1. Peak Inside Our Pricing Lab: How we delivered a pricing strategy to capture more value and drive revenue growth
2. Pricing Innovator’s Toolkit: How to choose a pricing consultant that’s best for your business
3. Your Pricing Playbook: How to ensure your proposals communicate value with ease
4. Power of Pricing: Hear from Cam Grant, Chief Commercial Officer of Stryde
(5 min estimated read time)
Peak Inside Our Pricing Lab:
A leader in IT integrations and automation came to Untapped looking to align their pricing strategy more closely with the value they deliver.
We worked with the business to:
? Analyse a variety of internal data
??Undertake in-depth customer interviews
? Empower the team through high-energy, collaborative workshops
The project achieved:
??A holistic commercial strategy aligned with customer expectations and buying behaviours
??A validated increase in revenue of ￡17,000 per project
??A notable shift in the team’s strategic negotiation position, enabling improved margin protection
“You will be amazed by how far this takes you in building your commercial strategy. This is not just about pricing, it’s about attitude, it's about cultural change, it’s about methods and approach. It's about keeping your values intact. It's not about charging more for your services because you can. It is about truly capturing the value you're bringing to customers." Founder & CEO
We helped this client deliver a pricing strategy aligned with the value they were already delivering. If you or someone you know are looking for a pricing strategy to drive growth… we’d love to help!
Pricing Innovator’s Toolkit
Here are 3 resources to help you master your pricing!
1. 5 questions to consider when evaluating pricing consultants
How to choose a pricing consultant that’s best for your needs, challenges and objectives.
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2. Are your prices setting you up for success?
Pricing is a powerful lever in your business, are you making the most of it? Discover more in this 60-second video from our Pricing Psychology Bites series.
3. Has revisiting prices slipped down your priority list?
Why you should actively prioritise managing pricing in your business each year.
Reimagining Proposals
Think of the last proposal you received from a supplier. What's the first page you looked at? If you are like many of the customers we interview, it's the pricing page. Yet, surprisingly, it's often the least considered by those creating the proposal.
We work with clients to overhaul their pricing pages to:
The outcome?
This simplifies the negotiation process and also significantly enhances the proposal's effectiveness.
Customers can instantly understand the value proposition, leading to quicker decisions and increased conversion.
Key takeaway: A well-considered pricing page does more than list fees; it communicates worth.
If you’re keen to boost conversion and revenue—without changing prices—by identifying small, strategic changes to how pricing and choices are presented in your proposals, get in touch!
Hear from those that have experienced the Power of Pricing
Stryde are a leading technology provider in the oil and gas industry. Here’s what Chief Commercial Officer Cam Grant had to say about the value we injected into their team!
Interested in how we could support your business? Get in touch: [email protected]
Untapped Pricing
Visit our website: https://untappedpricing.co.uk/
Get in touch: [email protected]