MORE PROFIT

Robust pricing policy, hand picked and unique products / services packages, and effective marketing techniques rarely will deliver you consistently higher profit.

Even though they want more profit, most businesses have never formulated a formal price strategy that effectively matches positioning, brand, target customer, and marketing designed to deliver it.

And everything needs to be aligned – your brand, your image, your digital presence, your team’s presentation, the way they service and sell, the product / service selection of the business, and the hard systems that deliver a consistent results to all the key stakeholders.

Get this right and your business will deliver more profit to the bottom line.

Price Strategy

Identifies Pricing Sensitivity and Adjusts Accordingly
Successfully supports marketing
Allows both up and down pricing

Curated Product Proposition

Appeals to “A Class” Customers
Right product, right customer, right price
Up sells and cross sells

Merchandising Program

Clearly identifies high GP lines
Self sells hero and high GP products
Instantly communicates Brand & Position

More Profit: Pricing Strategy

Pricing Strategy

Most SME’s do not understand pricing strategy and end up costing themselves margin because of it.

For example for over a decade our research showed that there were no more than 50 items in a pharmacy that were price sensitive out of an average 14,000 items stocked.

By monitoring prices and remaining consistently under their competitors our clients got the reputation of offering excellent value even though they had a gross profit margin 35% higher than the industry average.

This same thinking can be applied to any business.

Together with your brand proposition, effective targeting and curated product / service mix this strategy delivers more profit more often.

Implement Pricing Strategy with Peter SPANN BUSINESS

How to train your team to maintain pricing discipline
How to determine the price sensitive items in your marketplace so you can increase the prices on 97% of your products / services without anyone noticing
How to lift your Gross Profit
How to understand price elasticity and the motivation of your market to shop for other reasons
How to add up to 18% to your average sale just by asking one question
How to use Solution Selling to package and bundle products / services to offer customers a full and complete recommendation
How to create value added offers that cost you little, don’t impact the bottom line and appeal more to customers than a discount
Using Price Pointing to increase your net profit – it’s set and forget
How to use the “Margin Matrix” to decide when and if to discount or raise your prices and by how much

I made an extra $365,812.00 last year!

Rob Jamieson

Our baby department is up 35%

John Hargreaves

Our GP went from 31% to 37.5% in just 6 months!

Ian Shanks

I hardly do any of the day-to-day components of my business any more… There’s a huge personal benefit.

Peter Pasfield

We got 140 new customers in one hour from one promotion.

Gaye Mitchell

Our profits doubled!

Peter Haywood

My long lost vision and motivation was found again.

Chris Warne

Exhilarating! Anyone who wants to survive in Pharmacy must go!

John Bronger

186 sales to new customers in 3 hours – wow!

Craig Holmes

Average sale, gross profit, turnover and net profit all up, up, UP!

Sue Jamieson

It was a life changing experience.

Des McDermid

I’m a true believer! We found $80,000 in windfall profits.

Brian Havilah

One of our Pharmacies was 172% up!

Phillip Johnson

Our vitamin department is up 62%

Anna Roussos

We sold $9,842.56 in stock in 5 hours!

Mark Davis

We were so impressed by the professional treatment and the ideas we picked up.

Tony Lamb

More Profit: Product Proposition

Curate a Product Proposition

curate

kjʊ(ə)ˈreɪt/

verb

past tense: curated; past participle: curated

select, organize, and look after the items in (a collection or exhibition)
select, organize, and present, typically using professional or expert knowledge

Most product buying decisions in businesses are left to junior staff with virtually no training, little experience and a lot of personal bias when it comes to stock selection, ordering and pricing, and yet for a retailer, stock selection is possibly one of the most crucial determiners of success.

Most services business are obsessed with selling single services priced to the market, or hourly rates without considering how to package services into a better…

Product Proposition

– What do you do that nobody else does?

– Who do you do it for?

– Why are you better?

While your product / service offering should appeal to a broad base, you need to, using expert knowledge curate a range of products / services that will specifically appeal to your “A Class” customers and display them in a way that will draw these people to you.

First Offering, Best Offering

Make it easy for and train your team to offer your best product to your customers first.

Solution Sell, Upsell and Cross Sell

Train your team the key fundamentals of selling and insist they follow them. Then make it easy to succeed.

Implement Product Proposition with Peter SPANN BUSINESS

How to create a business wide product proposition that attracts the right customer at the right price at the right time
Adding Hero Products into your business that make a statement to your clients about your brand position – they will know without asking what you’re all about
Use the power of “Our Expert Recommends” to educate, inform and entice clients to buy the products / services you want them to
How to package and bundle multiple products / services into one super sale – proven to increase sales of those lines by up to 33%
How to create Solutions Packages for high value customers catering to their exact needs and increasing sales

Developing a sustainable, competitive position requires strong focus and differentiation, customer engagement, unique merchandise / services, proper distribution channels, good vendor relations, a reputation for customer service, and multiple sources of advantage.