When was the last time you reviewed the prices for products or services in your business? Are you confident that you correctly identified all actual costs before setting the price? One of the best ways to achieve profit in your business is to review your pricing strategy.

Whatever your costs are, you must add a margin that makes your business financially viable before determining the price.

Completely flawed methods of pricing that will cause a business to fail include an owner having a ‘hunch’ on what customers can afford, pegging your prices to competitors (who may be about to fail), and just adding an incremental increase periodically without checking actual costs.

Learning Objectives:
1. Learn how to conduct a pricing review, including accurately identifying all costs
2. Maximise profit by determining which pricing strategy is best for your business, including identifying what viable margin needs to be added to costs
3. Gain an understanding of how customers perceive value and dispel the myth that customers are price sensitive

Learning Outcomes:
1. Avoid a business failure due to incorrect pricing by immediately implementing a comprehensive pricing review
2. Maximise revenue by promoting to your customers the total value of your products and services (price is merely one component of customer value)
3. Ensure profitability into the future by implementing a regular timeline for a pricing review such as quarterly, or at the very least annually

About t your presenter: Randall Walker
Randall has more than 20 year’s business development and consulting experience and a Master of Business Administration (Marketing).

He has specialised in strategic marketing and branding & positioning, strategic planning and stakeholder engagement, destination and economic development, entrepreneurship and innovation, and hospitality & tourism management.

He is passionately committed to businesses and organisations realising their full potential by adopting a customer orientation and embracing an innovative and sustainable approach.

Randall has facilitated high-performance teambuilding programs with many top 200 Australian companies, including the major banks, Goldman Sachs, Nokia, Vodafone, Westfield, and the Department of Defence.

He has held industry roles, including Chairman of the Forum Of Regional Tourism Organisations, Director of the Tourism Industry Council, and Chairman and CEO of Blue Mountains Tourism, working closely with Tourism Australia, Parks Australia, and Destination NSW.

The Blue Mountains was identified in a 2012 NSW Government Report as the number one regional destination for recognition among domestic visitors.

Randall has been a lecturer for marketing and entrepreneurship at BMIHMS, the number one hotel school in the Asia Pacific region (Blue Mountains, Sydney, and Canberra), and a guest speaker at industry events, including Choice Hotels Australasia Annual Conference and Australasian Hotel Industry Conference and Exhibition.

About your Host: Greg Bowers
Greg’s Business experience extends over 30 years across Small Business Enterprises, Not for Profit, and National and Multinational Companies. This experience includes being on several boards of Directors, including Not for Profit, thus ensuring capability through all levels of Business.

Greg has specialized in Business-to-Business Supply Chains, Manufacturing, Sales and Marketing, Financial Management and Continual Improvement. Greg has significant experience living and working in Regional Australia and understands the local business environment and the subsequent challenges and opportunities. Greg has successfully worked with loss-making, and turn-around Business’s during the recent COVID situation. Within these Regional areas, Greg has led Capital Raising Ventures, Business Acquisitions, supporting Local Councils/LGAs and Chamber of Businesses.

Strategic and Business Planning, and importantly ensuring implementation and outcomes from those strategies, is a passionate skill of Greg’s.

Coaching and Development for Business Owners and Managers is a passion of Greg’s that is strongly supported by his background working with a wide range of Business Sectors.

The NSW Government has funded this Business Connect event.