In this episode I take the time to go through the 5 Steps to Pricing Power.
Warren Buffett (possibly one the worlds greatest investors) stated in a congressional inquiry that in his opinion the single most important decision in evaluating a business is pricing power. He went on further to explain that a business that has the power to set its prices is a great business.
From my 25yrs of working with businesses much too often the business are driven by many forces not of their choosing that limits their ability to set their prices. However it does not have to be this way. As Warren Buffett has clearly articulated there are other options.
With Pricing Power comes freedom. Freedom to choose. Freedom to enjoy life.
The 5 Steps to achieve Pricing Power are :-
- Value – understand what is valuable to your market and communicate your value
- Product – move from services to value based services to value based products
- Price – create a powerful pricing strategy
- Numbers – measure what matters
- Authority – become the go-to firm in your chosen market.
In this episode I go through in more detail these 5 Steps.
If you have any questions please email at steve [@] pricingpower.net