Goldsmith Consulting LLC

Goldsmith Consulting LLC Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Goldsmith Consulting LLC, Business consultant, 209 E Broad Street, Dunn, NC.

Helping self-employed and small businesses improve profitability, sales, efficiency, and organization by offering affordable software applications and consulting services.

11/04/2022

Relational Business Price Increases

Benefits of Consistently Communicating Price Increases

1. Builds trust and customer loyalty.

2. Decreases service drain, kickback, custom price requests, etc. Allows customers to mentally assess, reason, and prepare for change. Allows customers to budget and plan accordingly.

3. Increases service Level and ability to sell with greater effectiveness.

According to HubSpot, communicating price increases is an opportunity for upselling.



*Caution*

Be careful with timed increases or decreases (quarterly, yearly, etc.) Customers will adapt and wait for end of quarter sales, etc. This can be beneficial to sales but counterintuitive to price increase.

Try This!

Try implementing price increases before a sales push and set discount thresholds. Make sure you keep the margin gap!

10/12/2022

General Rules Raising Your Price

1. In my experience, 15% or less generally has a high consumer acceptance.

2. Price increases more than 15% should be data driven and carefully monitored to minimize loss.

3. It will always show your best and worst customers; identify them and take care of them either way.

4. Always keep cushion (margin) to compensate for unexpected cost.

"Small business owners are hesitant to raise prices, according to the latest for 2022…" CNBC|SurveyMonkey Small Business Survey

"75% said they are currently experiencing a rise in the cost of their supplies, yet only 40% are increasing prices…"

10/05/2022

Impact of Raising Prices
"Greater the increase, Greater the resistance." "Greater the Frequency, Greater the Noise."

1. 15-20% of consumers that kick back or go elsewhere when raising prices often means your increase is to much based on perceived value of the product/service. This can lead to a decline in loyalty, order consistency, sales volume, product line pe*******on, etc.
2. Little to no resistance could mean your prices are too low.
3. Confidence is key to raising prices, it's the face and fuel of your products/service. Raise your prices with facts , not your gut!

08/25/2022

Not All Customers Are Price Sensitive

• Research indicates 34% of consumers care less about price
increase and more about a sustainable product/service.
• Research shows 53% of consumers on average care more
about quality than price.

Tips to effectively Identify Customers:

1. Compile all of your customers
2. Separate your predominate price, quality, value, etc. driven
customers into buckets.
3. If the number of price driven customers is high, consider the
cost of loosing and replacing the customers. Does the price
increase outweigh the cost of loosing the customer?

Keep in mind, you cannot let price driven customers dictate price increases, how much, and how often.
a. Consider providing a limited price increase to price
sensitive customers.
b. You can pass along some of the increase to others.
c. Break up the cost increase instead of all at once.

06/02/2022

If you're self-employed, small business, or manage pricing, products, costs, etc. for one we invite you to participate in a brief survey. Along with a chance to win $60 Amazon gift card.

The first 20 eligible responses will be entered into a drawing. We will announce the winner via post and reach out directly with Amazon gift card.
In the comment section, please provide the following:

1. Industry
2. Questions (copy & paste)
3. Answers


Your feedback is crucial to improve our software application designed for self-employed and small businesses.

Please answer the following 5 questions:

1. What software do you use currently to price?
A. Excel
B. Written by hand
C. Cell Phone calculator
D. Business Management Software (ERP)
E. Other ___________

2. Approximately how long does it take you to price or quote
your products/services?
A. Less than 5 mins
B. Less than 15mins
C. More than 15mins
D. Other ___________

3. Do you manage cost, profit, shipping, pricing, etc. in the
same template?
A. Yes
B. No
C. If no, briefly explain _________

4. What is your ideal method to manage product/service(s)?
A. Desktop
B. Web
C. Mobile
D. All the above
E. Other _________

5. What's your ideal way to price products/service(s)? Briefly
explain

Address

209 E Broad Street
Dunn, NC

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