Strategic pricing: Are you pricing your products or services intentionally or just guessing? If you’re just guessing , you’re undoubtedly missing out on growth opportunities and profitability.
In this episode of Live With The Pricing Lady, I sit down with the talented Lorraine Ball—marketer, business consultant, and entrepreneur—to explore how pricing with a more strategic approach has transformed her business. Together, we delve into what it means to price confidently, understand the market, and communicate true customer value.
Lorraine shares her journey from the corporate world to running her own business, detailing how she refined her pricing models and strategies for better results. This conversation is packed with practical advice on setting prices that resonate with your customers and drive your business forward.
Tune in to uncover actionable insights that could help you make better pricing decisions today.
About this Episode’s Guest
Meet today’s guest, Lorraine Ball, a passionate marketing strategist and founder of MTFW, LLC. After years in Corporate America, Lorraine said goodbye to bureaucracy, glass ceilings, and (as she likes to say) bad coffee, to pursue her true calling—helping small business owners succeed. Today, she’s a successful entrepreneur, author, and professional speaker who shares her vast marketing knowledge with business owners across the country.
Join us in this episode as we dive into Lorraine’s journey from corporate life to entrepreneurship and explore her unique, practical approach to strategic pricing.
What to Listen out for:
- 02:39 Lorraine’s Background and Superpowers
- 07:38 The Importance of Pricing Strategy
- 14:20 Challenges in Pricing and Overcoming Them
- 20:39 Understanding Your Market and Customer
- 24:56 Final Thoughts and Takeaways
Favorite quotes from this episode
“One of the thinks that we are not taught about is how to talk about pricing. How to ask the questions.” – Lorraine
“…knowing where you competitors are price-wise, knowing what they deliver for that price, allows you to navigate up and down. And if needed provide them better recommendations.” – Lorraine
“The reality is you’re not always competing with a company that does exactly what you do – which is why you need to understand how your customer see them.” – Lorraine
Episode Links
Recommended book – I also love this book that Lorraine mentioned if you haven’t before read it! If you have maybe it’s time to do it again.
Made to Stick by Chip and Dan Heath
Reach out and connect with Lorraine.
Website: https://morethanafewwords.com/
LinkedIn: https://www.linkedin.com/in/lorraineball/
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Get started improving your business. Beyond this pricing podcast there’s more for you to explore. Sometimes it’s difficult to know where to begin. I suggest you Download the the self assessment Pricing Scorecard to get a view of what’s working and not in your business. Ever wondered, “What’s a fair price?”, check out my on-demand webinar “Getting to A Fair Price“. Two great places to get started with pricing in your business today.
Get in touch with Janene, your Business Strategist & Pricing Expert. If you’ve got a business question that needs answering, a pricing challenge you’re facing or you have suggestions for future topics or guests, let me know. Your questions and insights often become episodes. Share yours with me and let’s see where it goes. Contact Janene.
Transform your business and life. My mission is to help you build a more sustainably profitable business. One where you can confidently charge for the value you deliver. Curious about my coaching and consulting offers, check them out. Let’s see how we can work together. Book a complimentary Call today!
Episode Summary
In this episode of Live With The Pricing Lady, I had a conversation with Lorraine Ball about effective pricing strategies, the art of understanding your market, and the journey of entrepreneurial growth. Lorraine shares insights from her extensive experience in both corporate and entrepreneurial worlds, shedding light on the intricacies of pricing, the importance of understanding customer value, and the unexpected paths that shape a business’s identity. Let’s explore the takeaways from their engaging discussion.
The Art of Strategic Pricing
The conversation delves into what it means to price strategically, an area where many businesses struggle. It’s about being deliberate in your pricing and have a well-thought-out plan behind what you do.Lorraine candidly shares her initial pricing challenges. Coming from a corporate background, she knew well the consultant rates but grappled with setting prices for her marketing services. The realization that her prices were too low resulted in pivotal moments of learning.
Lorraine talks about the importance of understanding your costs and being prepared to align pricing with the value perceived by your customers. One enlightening moment she shares is when her prices were perceived as too low, leading potential clients to doubt her capabilities. This drove home the lesson that pricing isn’t just about covering costs; it’s about conveying the value you deliver.
Strategic Pricing Adjustments
Lorraine emphasizes the importance of adjusting prices strategically as your business grows. An epiphany arose when she lost a project, not due to lack of quality, but because her lower prices signaled lesser value. This realization led to a strategy where her prices increased as capacity was reached. By doing so, she ensured she could maintain quality and pay her team fairly while still delivering exceptional service.
Overcoming Pricing Challenges
An essential skill Lorraine highlights is the art of discussing pricing with clients. Learning how to ask about budgets, managing client expectations, and valuing your service based on market standards are crucial steps in overcoming pricing fears. Importantly, Lorraine shares witty techniques for having these conversations with a touch of humor, making them more digestible for both parties involved.
Aligning Pricing with Customer Understanding
Understanding customer needs and the value of solving their problems is pivotal to pricing strategy. Lorraine explains how knowing what it costs a customer not to fix a problem can significantly inform pricing. When value surpasses cost, pricing becomes a reflection of that perceived value rather than just an equation of production costs.
Raise Your Price: A Call to Action
As the conversation wraps up, Lorraine leaves us with a powerful suggestion: consider raising your prices by 5% during your next sales conversation. The result might be surprising. Not only can this boost your business, but it also sets a new standard for future negotiations.
Conclusion
From exploring pricing theories to navigating customer relationships, Lorraine Ball’s insights offer valuable lessons for entrepreneurs striving to better understand and apply effective pricing strategies. As Lorraine and I suggest, when armed with knowledge and confidence, pricing can be a potent tool in achieving business success.
Thank you for tuning in to Live With The Pricing Lady. If you found this episode insightful, feel free to share it with your network. Stay tuned for more pricing insights. Enjoy pricing!
