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Pricing with Confidence: 10 Ways to Stop Leaving Money on the Table Hardcover – February 25, 2008
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From the Inside Flap
Face facts: Customers have never met a price they liked. And they will use every trick in the book to get you to lower your prices and give up profits. The typical business response is to discount, discount, discountresulting in less revenue and lower profits.
In Pricing with Confidence, pricing gurus Reed Holden and Mark Burton offer a radically different solutionone that actually builds revenues and profits without lowering prices. The key? Linking prices to the value delivered. The real trick is to bring people from marketing, product development, sales, and senior management into the process of discovering and defending the value you create for customers.
Holden and Burton show you how you can get everyone in your firm to feel 100% confident in your pricingno matter what customers are saying or how fierce the competition. By following the ten simple rules outlined in Pricing with Confidence, you will be able to hold steady or even raise prices while your customers experience increased value for every dollar they spend. The result is increased revenues and profits.
Pricing with Confidence is a road map for senior leadership in sales, marketing, finance, and pricing to work together to outperform the competition. Pricing with Confidence is organized into ten simple and practical rules to help senior leaders tackle rampant price discounting, negotiate with poker-faced customers, and protect the value a company works so hard to create.
From the Back Cover
Pricing with Confidence
Pricing is hard. If you get it wrong, you lose profits, revenue, or both. This book is your road map for getting pricing right. Here is a sampling of the rules you need to follow if you want to stop leaving money on the table:
Rule One: Replace the Discounting Habit with a Little Arrogance
Who says you have to discount? See how one company kicked the end-of-quarter discount habit and increased revenue seventeen percent and profits thirty-seven percent, grabbing $300 million off the poker table.
Rule Two: Understand Your Value to Your Customer
Your customers are eager to tell you. Are you ready to listen? By focusing on value delivered, Phillips garnered twenty-five percent of the price-competitive lamp market. See how Phillips did it.
Rule Three: Apply One of Three Simple Pricing Strategies
One of these three simple strategies will work for you. See how Dell stumbled with the wrong pricing strategy and how it recovered.
Rule Five: Price to Increase Profits
Revenue is good, but profits are better. Southwest Airlines and JetBlue have figured this out and avoided "dumb-bell pricing." Here's how you can, too.
Rule Eight: Build Your Selling Backbone
Use the first seven rules to add confidence as you sell to tough customers. Find out how a supplier of commodity electronics grabbed an extra $12.5 million off the table in a tough customer negotiation.
Top Customer Reviews
1. Generally, don't let the customer talk you down in price
2. Price your service or product at a level that a customer is willing to pay if they understand the value of your service or product
3. Know which of three pricing strategies you are using and stick to it
4. It's OK to negotiate price with customers, but make sure you win
5. It's OK to lower prices, but only in order to increase profits
6. Expand your offerings so you aren't locked into one price for one product
7. Great pricing will often force your competition to react to your pricing
8. Your company's sales force has to be expert at why and how you priced your services or products
9. Set prices based on value - not on cost-plus
10. Always keep in mind you are in business to make a profit without leaving money on the table
I loved the instruction that the author provides regarding how an owner of a small business has to be willing (and able) to fire unprofitable clients and customers. Business people who compete on price are playing a fool's game. Smart business owners understand that value is the basis for business exchange and that to be successful at business one must FULLY understand value. This book puts forth a pretty good effort to help the reader fully understand value, or at least how to go about fully understanding value after doing a little investigation and research of the market.
Pricing goods and/or services is far from simple.Read more ›
Well, Reed Holden certainly has had a place in my mind since I first read him back in October 1998. His book, co-authored with Thomas T. Nagle, The Strategy and Tactics of Pricing (STP) is a seminal work, adorning the bookshelves of anyone who takes pricing seriously. With this influential book, Holden and Nagle are probably more responsible than any other individuals for putting pricing on the organizational charts of companies around the world.
I was fortunate enough to receive an advance copy of Reed Holden and Mark Burton's new book, Pricing With Confidence, spending a couple of days after the New Year absorbing its many lessons. Of course, there is no possible way to do justice to this work in such a short space, so instead I will simply share with you some of the more brilliant insights that struck me like a thunderbolt.
In addition to a brief synopsis of the Ten Rules of Engagement, the Introduction starts out with a discussion of the pricing death spiral, a never-ending process whereby the buyer continuously gets the seller to offer more and deeper discounts. A process, the authors teach, with no winners, only survivors. The Ten Rules offered in the book are effective strategies to counter this trap--along with capturing more of the value a company creates.
The Introduction also contains a discussion on "What Is Your Pricing Purpose?" offering this advice: "In Reality, pricing is far from simple. Setting the optimum price is one of the most difficult decisions managers ever make."
Amen.Read more ›
While those books are rich on methodologies, analyses and frameworks, they are poor on answering the question "So what should I do first thing tomorrow?" That is where Pricing With Confidence comes in.
Reed Holden, one of the pricing community's thought leaders has authored a new book along with Mark Burton, co-founder of Reed's new consulting organization, Holden Advisors. General Managers and people in pricing functions will find this book valuable for several reasons.
First, the authors offer, as they say, ten ways to stop leaving money on the table. Second, the suggestions are immediately actionable without consultants. Third, they will bolster your confidence that, with some intestinal fortitude, change is possible.
The book chapters are devoted to each of the ten ways to stop leaving money on the table. The writing is down-to-earth and easy to read (and, even more important, easy to understand). For those readers who may want to skim the book, they would be well advised to read the introduction that contains an excellent summary of the ten chapters.
This book deserves bookshelf space for people who want to find ways to improve their company's financial performance and are willing to make the necessary incremental changes. There is no silver bullet or magic in Pricing With Confidence. It is a straightforward book that proves, once again, that 80% of success is just showing up (and doing a few things right.)
Most Recent Customer Reviews
I highly recommend this book. So strong, current (books on pricing can generally be used for a long, long time), didactic and rich in tips.
I really enjoyed reading it. Read more
There are some nice insights but it's definitely not written for a SME audiencePublished 9 months ago by rudi mattheus
If you're engaging in B2B transactions, this book might help a bit. If not, though, there is very little practical application.Published 11 months ago by MLeland
The book has very limited scope. It is very good for increasing profitability of B2B sales and for optimizing already existing market activities with established customers. Read morePublished on January 2, 2014 by FM
Before you ask to pay for your service, learn how to do it properly!
I appreciate the author way to make it simple and complete
I recommend this reading for those new to pricing optimization. It gives a good baseline for future readings. Read morePublished on March 17, 2013 by Amazon Customer
When your client starts arguing about price, you need confidence to stick to your guns and not get dragged into discount hell. Read morePublished on October 5, 2012 by Jochen Lillich
As a sales trainer, I view things from how salespeople deal with clients especially in competitive situations. Read morePublished on July 24, 2012 by Victor Antonio