047 - Spur of The Moment Pricing Decisions
Have you ever wanted to completely change your pricing because of one person’s opinion? Panicked or very short notice changing of pricing structures are not okay. Pricing structures should never be altered when the concern comes from comparison, doubt, or assumptions. Listen to our episode if you think you’re at risk of falling prey to spur of the moment pricing changes.
Show Notes
Questioning your pricing. (1:00)
Stick with your guns. (1:45)
Don’t ruin what you’ve worked hard for. (2:45)
Stay the course. (4:40)
Quotable Moments
“He wanted to change his pricing to be the same as his competitors but he didn’t have any solid evidence that he was losing bids because of the prices.” –M
“Turns out, he got 4 jobs in a 3-hour stretch without lowering his prices. He maintained his prices and he got his full margins.” –M
“Had he called those people back and reduced the prices, and subsequently gotten the bids he was going to get anyways, he would have it in his head that price was the controlling factor on winning those bids… and that wasn’t the case.” –M
“Pricing is the most common a salesman will give you for losing a bid.” –M
“If you have a spur of the moment pricing decision and you want to double the price. I’m all for it. Spur of the moment pricing decisions, where you reduce price because of perceived competition or price problems, do not do it. Stay the course.” –M
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