Summary

In this conversation, Mason Duchatschek interviews Dale Furtwengler, author of 'Pricing for Profit', discussing the importance of pricing strategies that reflect value rather than just cost. They explore how businesses can effectively communicate their product's value, the common mistakes made in pricing, and strategies for differentiating offerings to command premium prices. The discussion also delves into the psychological aspects of pricing, customer loyalty, and the challenges of setting initial prices for new products. Furtwengler emphasizes the need for businesses to avoid price wars by focusing on unique value propositions and maintaining consistent communication with customers.

Takeaways

Pricing should reflect the value provided, not just the cost.

Involve prospects in the value calculation to build trust.

Raising prices annually can improve purchasing power.

Differentiation can be achieved by eliminating customer nuisances.

Understanding psychographics is crucial for effective marketing.

Customer loyalty is tied to consistent value delivery.

Initial pricing for new products requires careful consideration.

Avoiding price wars is essential for maintaining profitability.

Surrounding yourself with value-oriented individuals can enhance business strategies.

Effective communication of value can justify premium pricing.

Sound Bites

"Price should reflect value, not just cost."

"Raise prices 3-5% every year."

"Price doesn't matter if value is aligned."

Chapters

00:00 Introduction to the Show and Guest

01:07 Understanding Value in Pricing

03:25 Business to Business Pricing Strategies

06:06 Business to Consumer Pricing Strategies

09:44 Common Pricing Mistakes

13:17 Differentiation and Premium Pricing

18:24 Psychology in Pricing Strategies

22:29 Creating a Psychographic Profile

26:31 Pricing and Customer Loyalty

32:03 Pricing Strategies for New Products

34:02 Shifting to Premium Pricing Strategies

36:42 Avoiding Price Wars

Keywords

pricing strategies, value communication, business to business, business to consumer, market positioning, customer loyalty, premium pricing, pricing mistakes, psychology of pricing, differentiation strategies

Contact:

Mason: https://workforcealchemy.com/

Dale: https://cuttingedge-business.com/

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-SUMMARY

Mason Duchatschek shares insights on the importance of being a transformational employee in today's job market. He discusses the unexpected job loss of a friend, emphasizing that doing a good job is often not enough. Duchatschek introduces the concept of 'workforce alchemy,' which involves investing in employees to enhance their value to the company. He encourages listeners to seek opportunities for professional development to become exponentially more valuable to their employers, leading to job security and career advancement.

TAKEAWAYS

-Job loss can happen unexpectedly, even to high-performing employees.

-Being a transactional employee is risky; aim to be transformational.

-Investing in employee development can lead to significant returns.

-Workforce alchemy is about turning employees into valuable assets.

-Understanding turnover costs can help demonstrate your value to employers.

-Engagement levels in the workforce are often low; improving this can save money.

-Proactive career development is essential for job security.

-Certifications can open new conversations in job interviews.

-Being more valuable than your salary can lead to promotions and raises.

-Continuous learning and skill development are key to career advancement.

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—————————————————————–

• Apply to participate in the challenge, gain expert knowledge (for FREE) and earn up to $1000 worth of tools to help your business or department run better and faster without unnecessary drama or expense.

Apply for the Workforce Alchemy Challenge: https://workforcealchemy.com/

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Want to attract donors rather than pursue them? Want to maximize donor participation rates? Want to build a force field around your donor base? Want to re-engage inactive past donors suffering from donor fatigue? Want to know how to overcome competition without adding staff, working longer hours, or spending more money?

1) If you want to join the alliance mentioned in this episode, implement the strategies and download a FREE copy of Mason Duchatschek's book, "Offer vs. Ask: The Nonprofit Executive's Secret Playbook for Growth and Sustainability." then visit:

https://workforcealchemy.com/nonprofit-association-partnerships/

2) If you want to subscribe to Mason Duchatschek's podcast or listen to previous episodes visit:

https://podcasts.apple.com/us/podcast/the-mason-duchatschek-show/id1266736989

3) Follow Mason's blog at: https://workforcealchemy.com/blog/

4) To learn more about Workforce Alchemy, the Workforce Alchemy Challenge or fundraising ideas for nonprofits, visit: https://workforcealchemy.com.

Hosted on Acast. See acast.com/privacy for more information.

Want more new members for your association or chamber of commerce? Want to improve retention rates of existing members? Want to generate non-dues revenue without adding staff, working longer hours or spending more money?

1) If you want to join the alliance mentioned in this video, implement the strategies and download a FREE copy of Mason Duchatschek's book, "Offer vs. Ask: The Nonprofit Executive's Secret Playbook for Growth and Sustainability." then visit:

https://workforcealchemy.com/nonprofit-association-partnerships/

2) If you want to subscribe to Mason Duchatschek's podcast or listen to previous episodes visit:

https://podcasts.apple.com/us/podcast/the-mason-duchatschek-show/id1266736989

3) Follow Mason's blog at: https://workforcealchemy.com/blog/

4) To learn more about Workforce Alchemy and the Workforce Alchemy Challenge, visit: https://workforcealchemy.com/

Hosted on Acast. See acast.com/privacy for more information.

Hosted on Acast. See acast.com/privacy for more information.

Know how to identify deceptive job applicants? Here's how...

To watch the ENTIRE interview about employee selection, engagement and retention, click the following https://vimeo.com/491674576/5bb7a8d69b

In the FULL interview, Charles Read (CPA, President of GetPayroll in Dallas, Tx) and Mason Duchatschek (CEO of Amo Human Capital) discuss the following topics:

- Cost of Hiring Mistakes

- The Factors That Determine Job Fit

- How to Match the Right People with the Right Jobs

- How to Avoid Hiring Mistakes

- What the Ideal Employee Selection Process Looks Like

- How to Tell if Applicants are Being Deceptive

and more! 

https://vimeo.com/491674576/5bb7a8d69b

If you want to know more about how pre-employment testing and assessment of existing staff can help you reduce turnover and boost employee engagement/productivity visit:

https://amohumancapital.com

Hosted on Acast. See acast.com/privacy for more information.

How much does a hiring mistake (much less a bunch of them) cost you?

To watch the ENTIRE interview about employee selection, engagement and retention, click the following link:

https://vimeo.com/491674576/5bb7a8d69b

In the FULL interview, Charles Read (CPA, President of GetPayroll in Dallas, Tx) and Mason Duchatschek (CEO of Amo Human Capital) discuss the following topics:

- Cost of Hiring Mistakes

- The Factors That Determine Job Fit

- How to Match the Right People with the Right Jobs

- How to Avoid Hiring Mistakes

- What the Ideal Employee Selection Process Looks Like

- How to Tell if Applicants are Being Deceptive

and more!

https://amohumancapital.com/videos

If you want to know more about how pre-employment testing and assessment of existing staff can help you reduce turnover and boost employee engagement/productivity visit:

https://amohumancapital.com/

Hosted on Acast. See acast.com/privacy for more information.