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No B.S. Price Strategy: The Ultimate No Holds Barred Kick Butt Take No Prisoner Guide to Profits, Power, and Prosperity Paperback – Jun 1 2011
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About the Author
DAN S. KENNEDY is a multi-millionaire serial entrepreneur with past and present interests in diverse businesses. He is a strategic advisor, marketing consultant and coach with a cadre of private clients ranging from exceptionally ambitious entrepreneurs to the CEO’s of companies as large as $1.5-Billion.
JASON MARRS is an intense innovator and pricing/marketing strategist who coaches entrepreneurs and professionals in overcoming price reluctance and resistance.
Inside This Book(Learn More)
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There is a story in the introduction about the Harrisons being about to price a new event at $2000 and Kennedy not only arguing with them but also putting money down on the claim that he (Kennedy) could make a go of it at $10,000 a head. It turns out that the event sold out at $4500. Yet all of us know people who have priced something high and had no one sign up.
Nowhere in the book is there any kind of checklist or discussion of how someone can reasonably well know, apart from being brave or chicken, whether or not the market will bear a certain price - or whether you can engineer it to do so. Nowhere is it discussed with sufficient clarity what else you have to have in place to be able to successfully charge premium prices.
All in all, this book will get you thinking about your pricing but it doesn't explain how to satisfy the wondering. Of course, you can test, but there is a huge opportunity cost (and cost in hard cash) if you test and fail.
I first learned about 'business' in an academic environment by studying economics during my MBA program. Unfortunately many of the macro concepts taught in academia, do not always reflect the realities of buyers decisions in the real world at the micro level.
This book delves deep into how pricing affects your customers' perceptions and how discounting can increase sales in the short term, but may also decrease customer satisfaction, loyalty, and referrals in the long run. This is only one of many concepts in the book.
Price elasticity is a fascinating subject especially when explained with the interesting stories and examples in this book that will help you apply them to you and your business.
I recommend this to any business owner, or other marketing strategists to use with your clients. The amount of value in this book will be paid several times over with your business, or your clients' companies.
The book also includes relentless driving of you to their own websites. This is one of Kennedy's tenets - get the buyer to pay you the privilege of buying more from you (and get it upfront) i.e. buying the book is an upfront fee prior to buying more! They hold with value-selling and value pricing but this is one of the weaker descriptors for that state. I prefer Davis for that.
Kennedy's description of niche and subculture markets is useful territory for salespeople to help better define the perfect customer.
Niche is an occupational/vocational attribute
Subculture is interest, belief, activity attribute.
Although much of the content is useful for B2B, the real client for this book is a small business person. Just as Nagle's work is really for the Fortune 500. Buy the book for your Kindle - it is a useful read, but this is not the "final " book on value/ premium pricing. It is a good "dose of salts" to most business people. Much of Kennedy's library is discounted on Amazon.
-Have no problem with continual self-aggrandizement
-Are fond of shameless self-promotion (93 times at last count)
-Enjoy recurring diatribes on government, particularly Obamacare
-Look forward to poorly edited work, particularly run-on sentences
-Relish re-reading the same ideas through redundant reiteration
There are few new or interesting ideas. You have to wonder whether the pricing strategies apply universally or just to businesses that cater to the wealthy: Here are several examples they laud:
-Bugatti cars that cost upwards of $1,000,000.
-Motoart, a company that sells desks made from airplane parts for $5,000.
-Allen Brothers which sells steakhouse meats online for upwards of $50/lbs.
-His own marketing consultancy that charges $18,800 per day.
Kennedy and Marrs claim customers of ANY business care far more about the benefits than price which certainly isn't universally true. Also note the above examples, customers are geographically independent meaning the customer wouldn't necessarily have to literally walk through the front doors. Bugatti example might be an exception. But hey, if customers don't live in the area, what's a $3,000 first-class plane ticket for someone already dishing out seven figures for a car.
Honestly, they advocate a rather reckless "Just Do It" attitude with little if any cautionary advice.
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