A 20-year veteran of corporate America, Lorraine Ball teaches business owners across the country how to use creativity and
planning achieve exceptional results. An accomplished marketer, she has won regional and national communication awards. Her articles on marketing, networking, and business development have been featured in Contracting Business, New York Forum, and ACH&R news. Her books, “The Entrepreneur’s Notebook” and “Confessions of a Networking Junkie” are popular resource for business owners across the country. Active in the Indianapolis business community, Lorraine is the President of Rainmakers, and a member of the Board of Directors for the Network of Women in Business. Her monthly networking newsletter Business Notes from Roundpeg is distributed to more than 4,000 local professionals and her blog, www.indy-biz.com, is rapidly becoming a must read for local business owners. Lorraine holds an MBA from the University of Texas, and a BA from Queens College, City University of NY. She has been on the faculty of University of Indianapolis, Marion College, and the Indiana Institute of Technology. Today, as the founder of Roundpeg, she helps business owners find a “Starting Point” for growth and change.
What is the right price for your product or service? Most small business owners struggle with this question, because they confuse the cost of producing the product with the value it brings to the customer.
When it comes to establishing a price for your goods or services, the value of your product has absolutely nothing to do with production cost. The value is based on how much you help clients save, increase, reduce or improve. If you can quantify these benefits, then you have a foundation for establishing an appropriate price for your goods or services provided by your small business.
It is All About Value
Think about your last software purchase. You opened an attractive box which contained a CD and a small manual. There was less than $10 worth of material in the box, and yet you may have paid $300, $500 or even $1,000 for the software.
You paid a premium, well above production cost, because of the need the software fulfilled and the benefits it would provide.
Calculate Your Value
The same is true for your product or service. How much value do you deliver?
Use these questions to build your value:
•
How much can my product save my customer? Savings may be in time, money or effort.
•
How much can my product earn for my customer? Can you help them increase their income; directly or indirectly? Does it create a foundation for future opportunities or establish valuable personal relationships?
•
What intangible benefits might customers realize, and is it possible to quantify these benefits?
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By: Lorraine Ball | 21/10/2009 | Shopping(Atlanta, GA) – Blastoff, an innovative, member-driven shopping network, which combines significant savings on hundreds of brand name items, with cash rebates and reward points for members, is launching www.atlantablastoff.com specifically for consumers in Atlanta Combining the best of shopping sites and social media platforms, BlastOff allows members to shop, save, connect with others and earn cash rebates on their purchases.
Contact Management
By: Lorraine Ball | 14/11/2008 | MarketingYour Competitive Edge You return home after a networking event and empty your pockets, putting the business cards you collected onto the desk.
Small Business Profit Begins With Intelligent Pricing Strategy
By: Lorraine Ball | 31/10/2008 | International MarketingWhat is the right price for your product or service? Most small business owners struggle with this question, because they confuse the cost of producing the product with the value it brings to the customer.
If at First You Dont Succeed Try Try Again
By: Lorraine Ball | 31/10/2008 | Marketing TipsWhen I was growing up my parents often encouraged me to try something more then once. One of the best lessons occurred when I tried to ride a bicycle.
Creativity is a Round Process
By: Lorraine Ball | 22/10/2008 | Internet MarketingIn a world of fast change and fierce competition, the ability to find new and innovative solutions is necessary for your survival. Thinking power and creativity are your primary competitive advantages. Unlocking new ideas and multiple possibilities begin with a "Round Process". Research - Originate - Unite-Nurture -DoIt!
Winning Strategies From the World of Tennis
By: Lorraine Ball | 20/10/2008 | Marketing TipsWhat wins at Wimbledon wins at your local chamber. Watch a tennis match; world class or amateur, the basics are the same. In each case the goal is to make contact with the ball and knock it back over the net!
Are You Linked in
By: Lorraine Ball | 24/09/2008 | NetworkingAs a confirmed networking junkie, I am always looking for my next fix. My new fix is LinkedIn. An on-line social network, Linkedin is often described as FaceBook for professionals.
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By: Lorraine Ball | 04/09/2008 | Business IdeasAt some point, every small business creates a brochure, but it is often an exercise in futility. Whether you are creating the brochure yourself, or hiring someone to do it for you, be sure to ask the following questions before you get started!