If The Price Is Right

Setting the correct ‘sell-price’ is a critical decision for any product or service.

If the price is too high, it will negatively impact sales, costing the company valuable revenue and wasting leads and marketing dollars.

If the price is too low, it will negatively impact margin and limit growth opportunities.

The ‘sweet spot’ in pricing is achieved when the vendor believes they may have sold too cheaply and the purchaser thinks they may have paid about right or a little over.

How do you determine your optimum price?

Contributor:

Michael Field, Managing Director for Michael Field Pty Ltd.

What is the unique value in a member services organisation?

When asked this question, a lot of people will say ‘brand’, ‘history’ or ‘heritage’. Some will even say ‘our people’, ‘our passion’ or ‘our purpose’.

Although you could argue there is truth in all of the above, where is the real value in a member services organisation, and how is it unlocked?

In my experience, the biggest asset in most membership organisations is:

  1. Their capacity to produce unique Intellectual Property (IP) through conferences, events, panel discussions, industry interviews, research, expert opinion etc.
  2. A qualified, preferably well-segmented database of past, present and prospective members

The commercial opportunity exists by being able to transact one (IP) with the other (membership). Additional commercial value can be derived from licencing, sponsorship and media partners, however past, present and prospective members are the core business – and the only reason why sponsors or media partners are interested in the first place.

I would love to hear your thoughts.

Contributor:

Michael Field, Managing Director for Michael Field Pty Ltd.

 

Eating the frog

I’ve just started reading Brian Tracy’s famous Eat That Frog and already, 5 pages into the book, I have a little voice following me around on my working days whispering “eat the frog Hollie, eat the frog.”

For those of you who haven’t heard the analogy, ‘eating the frog’ refers to doing the one task on your to do list that will make the most significant impact on your day, and that you should not put off any longer.

More often than not, these tasks are the ones we procrastinate. The one that we know we should be doing, but avoid ‘for now’ for something ‘more fun’ or easier. And yet the ‘frog’ sits there growing on our list, becoming more demanding, and even less appealing than the day before.

I didn’t realise how many frogs creep their way onto my to do list every day. And, even more surprising is how often I easily and unashamedly avoid them at all costs – until now.

What’s the frog on your to do list this week?

Contributor:

Hollie Azzopardi, Account Manager for Michael Field Pty Ltd.