Three has an almost mystical symbolism and power whether you're pondering math, music, or spirituality. Our brains just love patterns, and three is the smallest number needed to create one. It's satisfying, complete, and somehow feels "just right" to our minds. That's why it's so powerful when considering pricing strategies, as well. Here are three ways to leverage the power of 3 for your pricing: Sandwich Pricing When businesses offer three price points, something fascinating happens. The...
13 days ago • 2 min read
For quite some time now, I've been teaching entrepreneurs about the benefits of value pricing. (Check out Does Size Really Matter to learn why this strategy makes so much sense for small businesses.) But, I was today years old when I learned about Dutch economist Peter van Westendorp's Price Sensitivity model, which he developed in the 1970s. To determine psychologically acceptable price ranges for products or services, he created 4 research questions to ask target audiences. If you've ever...
20 days ago • 1 min read
Ugh, I'm knee-deep in prepping for two new business growth classes to kick off on Monday and I am S-T-R-E-S-S-E-D! I'm reliant on others to set up key aspects of the course, including several guest expert sessions. On the one hand, that's really helpful. But, on the other, it means I'm not in control of my schedule and don't know what speaker slots are available for the experts I'm reaching out to. So, it's kind of like being an airplane pilot forced to circle above the tarmac until a gate...
27 days ago • 2 min read
Hi Reader, Good, Fast, Cheap, you can only have two is a common expression in consulting, particularly with design and marketing firms. I bought into this idea years ago because it seemed to have a nugget of truth to it, but recently I've realized it's a bunch of hooey if you're a small business, and maybe if you're a large one, too. You can't make something good and fast or good and cheap. While throwing money at a problem may get you farther than you would without it, to make something...
about 1 month ago • 2 min read
During the holiday season I visited a store in my neighborhood that's been there for a few years and is always empty. It's a store that sells upscale compression socks and related items. Many years ago, I bought some compression socks for my dad from a medical supply store. That's the extent of my experience. But this place is filled with colorful items and I've been thinking that a pair of light compression socks might help me with some foot pain I've been experiencing. Upon entering, I...
about 1 month ago • 2 min read
I'm past the halfway mark of the business growth class I'm teaching for New York City's Small Business Services and the most popular online class discussion by far is in response to our very first session and assignment, namely Crafting a Purpose-Driven Mission Statement. The truth is most entrepreneurs get trapped into thinking their mission statement is meant to articulate what they do and for whom they do it. Here's what that might look like: We create handcrafted toys made from natural,...
about 2 months ago • 2 min read
It's hard to avoid the politicization of almost all aspects of life these days, especially in light of the new US administration's aggressive rollout of an agenda and priorities that have proved to be incredibly disruptive to so many people's lives and livelihoods. The rollback of DEI programs, mass deportations, the threat of freezing and/or cutting federal funding, potential gutting of regulatory and compliance across industries, to say nothing of the significant federal employee layoffs,...
about 2 months ago • 1 min read
Did you know when someone Googles you, your LinkedIn profile is the first result listed? That means, like it not, you need a compelling profile even if you're not really active on the platform. Sophie Lechner, founder of The Magnet Model, is a LinkedIn expert and frequent guest in my classroom. Here are her tips for creating a magnetic profile that attracts your ideal customers and instills trust and a powerful desire to work with you. Use the valuable real estate of your bannerThat big image...
2 months ago • 2 min read
It's hard to find an adult (even a really young one) who has not been invited to join Mr. Rogers Neighborhood at some point in their childhood. The genial Fred Rogers began broadcasting his children's show on US public television in the late 60s, with his last episode recorded in 2001. Over 31 seasons, Mr. Rogers became a paragon of treating children with and teaching them empathy and mutual respect. So when I came across a TikTok creator who prompted ChatGPT to utilize Mr. Rogers formula for...
2 months ago • 2 min read