Proposed Facilitator:

• Alan Carey, Managing Partner, Bridgewater

Proposed Time & Date:

• Monday, September 5th and Wednesday, September 7th 2022
• Zoom Session timings | 09.30a.m. – 12.30p.m. each date

Introduction

• As a customer, value is the sole justification for price. In many instances, customers do not have an insight into the cost of materials/services and therefore interpret value based on what a product does for them. This forms the basis as to whether a customer purchases a product (or not) at a given price. Effective pricing incorporates the perception of value with the needs of the customer and the business. Pricing is a critical issue for every business - forming the core business model and determining appropriate routes to market. It has a major influence on the financial orientation of the business. This Pricing workshop answers the question ‘How do I price my product to win customers and make a profit?’

Aim

• The aim of the workshop is to aid participants in determining the right price for their product/service. To assist him/her in generating revenue, mitigating against potential loss within the business and maximising opportunity relative to the customer base.

Preparation

Participants will be invited to bring the following items with them on the day of the workshop:

• A list of competitor prices
• The breakdown on your production, manufacturing & distribution costs (if available)
• A list of projected overheads
• Access to a computer and MSExcel.

The workshop will cover:

• Introduction

                 • Workshop Overview

• An introduction to Pricing

                 • A little economics

• Pricing Psychology: What is your product worth?
• Your Costs

                •  Upfront development

                •  Marginal costs/cost of sales

• Margin vs. Mark-Up
• Cash Flow Projections

                •  The Breakeven Analysis

• The Buyers Perspective – purchasing process implications
• Pricing Pitfalls

               •  Competitors
               •  Fairness
               •  Pirates
               •  Switching

• Advanced Pricing

               •  Versions, bundling,
               •  Multi-user licenses

• Business Strategy

               •  Choosing your pricing model
               •  Pricing Model Selection List Checklist

• Managing pricing – discounting and changing your prices
• Lean Business Model Canvas: Value Proposition
• The Action Plan

               •  Plan / Pitch

• Close

               • Open Forum
               • Q & A

On completion of this workshop, participants will:

• Understand how to price their product or service
• Be aware of how pricing influences selection of routes to market and business model
• Be cognisant of how pricing relates to development of financial projections
• Be able to present a Pricing Model for the full range of Products & Services. This includes policy relating to a free trial for new customers.

This training workshop is open to everyone but if oversubscribed priority will be given to Leitrim based businesses.