• The Pricing Advantage

  • Aug 30 2024
  • Length: 1 hr and 3 mins
  • Podcast

The Pricing Advantage

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  • Join us this week as we sit down with Dale Furtwengler, author of "Pricing for Profit: How to Command Higher Prices for Your Products and Services." Dale brings his wealth of knowledge on pricing strategies that help businesses command higher prices without losing customers we want to keep. We'll discuss key takeaways from his book and explore the psychology behind pricing, how to convey value effectively, and why most businesses leave money on the table. Don't miss this opportunity to learn how to maximize your profits with smarter pricing tactics! Our regular listeners know this, but 2 Regular Guys are all about garment decorating, a bit of fun, and no rants, lectures, or selling. 2 Regular Guys was not created for our employers but rather for our industry. Since February 2013, The 2 Regular Guys have been the first and the most listened-to garment decorating industry podcast on this planet! We are humbled by all of you tuning in each week. We work hard to bring you information that will improve your business and our industry. Take a look at our incredible weekly guest list, and you’ll understand where this industry goes for news, interviews, and the heartbeat of garment decorating. Thanks for listening! Ready to have clarity and confidence in your business? Attend FUNdamentals Live on October 10-12, 2024 in O'Fallon, MO. News If you have anything newsworthy you would like us to share, please email details to info@2regularguys.com. Use the subject line “Weekly News.” Dad Joke Aaron: Wanna hear a joke about paper? Never mind - It’s tearable. Pricing for Profit Aaron: Welcome to our show. I’m excited to talk to you as I would consider you a mentor of mine. I’ve probably told this story on here before, but Dale was the gentleman who said to me “You can’t outgive the Universe” and it shaped how I operate. But for our listeners who don’t know you as I do, can you give us a short biography? Tell us the highlights that lead you to start Cutting Edge. I’m a CPA with national firm experience, followed by CFO positions in a variety of industries, started a business providing fractional CFO services, did a lot of pricing work, and shortly after Pricing For Profit was published rebranded my company to focus on pricing, I’ve now expanded the pricing work to include helping companies gain, and sustain, a decades-long competitive advantage. Terry: What inspired you to write "Pricing for Profit," and what do you see as the biggest misconception businesses have about pricing? I wrote the book because I realized I was only helping a handful of companies with my consulting work. I could have helped more if I had written a book. The biggest misconception about pricing is that it’s the primary factor in the buying decision. J. Conrad Levinson in his original book, Guerrilla Marketing, said that of 10,000 buyers surveyed only 14% listed price as the determining factor in their buying decision. 86% listed other factors…with price being ninth on the list. Aaron: What are some common mistakes companies make when setting their prices, and how can they avoid these pitfalls? They tout their offering as being better than their competitors’ offerings, then price their offering at, or below, their competitors’ price. In doing so they confuse the buyer…and confused buyers always revert to price. Terry: How do you address the fear many business owners have about losing customers when raising prices? I ask them “Who are your most difficult customers? Are they the most demanding when it comes to price? What would your life be like if you were able to replace them with more of your other customers? Aaron: How can small businesses or startups, with limited brand recognition, implement your pricing strategies effectively? Pricing is a part of establishing a brand. When your price is congruent with the value your offering provides, you establish a brand that buyers trust.
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