Feature Article: The Pricing Dilemma

Business Owner in the Spotlight
Ray Feindt
Ritesource Staffing Inc


Refueling Recommendations
Make-it-Fly® Advisory Boards
Advisory Board Openings

Make-it-Fly® MarketPlace

Next Make-it-Fly® Café

ISSN# 1552-3705

February 16, 2010
Volume 7, Issue 04

"In-Flight Refueling" is published twice a month.

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A Note From Dave & Victoria


In addition to our ultra competitive daily walking contests—pedometers confirm the daily winner—we’ve both been working on projects we enjoy. Dave is giving two talks this week on his favorite topics: Upside-Down Networking™, and How to Create a Relationship Plan—one that moves people towards a ‘trusted advisor’ role.

Victoria loves writing for the Small Biz Blog—doing this on a regular basis really keeps you on your toes, alert to what’s happening and what’s important to those in the entrepreneurial community. She was delightfully surprised over the weekend with a fabulous Valentine’s bouquet—there’s nothing like flowers to make a great relationship even better!

Don’t forget to mark the next Make-it-Fly Café on your calendar—Thursday, February 25, at The Wellshire Inn.

Our very best regards,

Dave and Victoria

Make-it-Fly Café - High Altitude Networking, where exceptional people help each other
Business Owner in the Spotlight

Ray Feindt, Ritesource Staffing Inc.Ray Feindt
Ritesource Staffing Inc

Treating people with respect and dignity is a cornerstone of Ray Feindt’s professional philosophy. This respect is easily seen in how his company, Ritesource Staffing, treats its associates in every aspect of their career development.

“Ritesource Staffing, Inc. is a highly dependable staffing-solutions provider,” Ray says. “We staff qualified pre-screened temp, temp-to-hire and direct-placement personnel for a vast array of business operations, including office support services, business management, IT and sales recruiting as well as skilled and unskilled tradesmen.”

Ritesource was incorporated in August of 2006.

Q: What do you find most fulfilling about running your business?
RF: Identifying and leveraging the talents of others. Helping them grow personally and professionally, and profiting from the result. 

Q: What motivated you to start this business?
RF: I was a consultant to Ritesource Staffing as a new start up. The opportunity arose to take an ownership role, and it made sense to me. I realized that leveraging the talents of others and building an organization was what I was good at and enjoyed. I have a telecommunications background in sales, management and operations with a regional telecom company, and I’ve also served 13 years vocationally in Christian ministry as an associate pastor. 

Q: What book has been most helpful to you in your business?
RF: There have been numerous books I’ve read that have profoundly influenced my life and prepared me for what I am doing now. Most recent I’d say is E-Myth Revisited followed closely by The Slight Edge.

Q: Who has influenced you most in your life?
RF: Outside of my relationship with God, my pastor of 20 years no doubt has been the most influential man in my life. My wife has been the most influential woman.

Q: What has proved to be your most successful marketing strategy?
RF: Our business is a business of relationships, especially those with our clients. Developing and nurturing new and existing client relationships is an art and a science. The science is the commitment to consistently make new contacts every day whether by phone or face to face and follow up on commitments made. The art is to know how to win friends and influence people, and listening for needs and being a problem solver. Networking and referrals is also a key!    

Q: What have been the greatest challenges you have had to overcome, or are currently facing, in your business?
RF: My greatest challenge has been and likely will continue to be striking a work/life balance while growing the business beyond a small organization to a large one. That’s our vision and our challenge.

Q: How did you benefit from participating in a Make-it-Fly® board?
RF: I’ve always been acutely aware of the Peter Principle, which states that “we ultimately reach the level of our own incompetency.” It’s humbling to realize that we are our greatest limiting factor when it comes to life and business. In other words, our business will never outgrow ourselves. Make-it-Fly® has provided me with an environment for growth by the associations I’ve built and the input I’ve received by opening myself up to other professionals on the same journey. This keeps me and ultimately my business growing.

Q: What would you say to other business owners who are contemplating getting involved in a Make-it-Fly® board?
RF: If you’re serious about growing your business, don’t wait! Do it now! Resist the temptation to procrastinate. All of the reasons you’ll think of to put it off will work…tell yourself…no excuses! That is, if you’re serious.

Ray Feindt can be reached by phone at: 720-379-5730, or visit his web site at: www.ritesourcestaffing.com.

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Dave Block, Co-Founder of Make-it-FlyDave’s Networking Nugget:

People are networking for a variety of reasons today. Whether you’re seeking new clients, meaningful relationships or the perfect job, keeping one key principle in mind will help you succeed. That is: focus on the person you’re talking to—it’s all about him or her, not you, your needs or your agenda! When you meet someone, aim to validate and help that person.


Feature Article

Victoria MunroThe Pricing Dilemma
By Victoria Munro

You’ve designed a new service or product, but how do you decide what to charge for it? You know your success depends on sales, and sales depend on pricing. If you charge too much, no one will buy it; and if you charge too little, potential buyers might be suspicious of your offer, and you may not make a profit. There are almost no hard and fast rules. Pricing is definitely an art not a science, but the following are some points to think about:

First, you need to list all your costs to produce the product or service. Don’t forget to include your time, any marketing materials, sales expenses and an appropriate portion of your overhead costs, and a profit margin that will allow you to continue growing your business.

Next, check out your competition. Find out what they offer, how it compares with your new product and what they’re charging. Look at their marketing strategy and how effective it is. If possible, talk to some of their customers. All this may require some research, but you need to be ready to explain why your product compares favorably with theirs.

Aiming to undercut your competition can be a mistake. New business owners especially have a tendency to undervalue their services and charge too little. But too low a price can hurt your credibility. Potential buyers may think there’s a catch—it’s too good to be true. Or you may appear desperate for sales. Buyers know that cheaper isn’t always better, and higher prices usually imply higher quality. People more often buy based on perceived value than price.

Choose your target market and find out what that market will bear. Decide where you’ll position yourself in the market. You might prefer to focus on a specific market segment. By tailoring your services to meet the particular needs of a small market niche that others may be ignoring, you may be able to charge more.

Get to know your target customers well. Understand their needs, the challenges they face and how your product can help them. Consider asking prospective and current clients directly what they would pay for such a product, and if and how it could be improved to give more value.

Differentiate yourself and your product. Find out and focus on what sets you apart. Create an image for your product. Is it a premium service? Does it have a unique feature that makes it stand out from the competition? How will your product provide greater value for the buyer? The price you charge should match the image.

If your product isn’t selling well and you sense it might be priced too high, think of ways you could increase its value. Perhaps by giving a discount—people love to feel they’re getting a bargain. Or include extra bonuses—giving something away free with a product can add value. Or, you might bundle several related products to sell at an appealing price.

Offer your customers choices, but not too many. Lots of options can cause confusion and delay or wipe out a sale. Given three choices, buyers will typically opt for the middle one. So be sure that one is profitable for you. Also, according to pricing experts, making your top offering very expensive makes your middle offering appear more affordable.

Don’t overlook the psychology of pricing. In his well-researched and very readable new book Priceless: The Myth of Fair Market Value (and How To Take Advantage of It), author William Poundstone cites dozens of revealing case studies and, after reading it, you’ll never look at pricing or shopping the same way again.

There’s no easy formula to find that pricing sweet spot. It may require trial and error. But think about the points above, stay alert to market changes, review your prices regularly and keep flexible, and you’ll be on your way to solving your pricing dilemma.

Click here for printed version.

To read more, check out Victoria's Blog.

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Victoria’s Time / Balance Tip

Be Crystal Clear About What You Want
When setting goals, clarity about precisely what you want to achieve is a vital first step. So before writing goals for your business or life, take some time to look at your ‘big picture’ and clarify what you really want. The clearer your goals are, the more likely you’ll be to achieve them.

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Make-it-Fly Marketplace

Sharpen Your Speaking Skills this Year
at a Presentation Dojo

You worked hard on your presentation and afterward several people came up to compliment you on it. You think, “That’s nice, but I didn’t get any business.” If you want to grow your business through public speaking, enroll in the Presentation Dojo.

Jay Murray of Solutions for Tuition says, “Before working with Turning Point Presentations, 3% of my audience members typically requested appointments to learn more. Now, it’s over 50% and my business is thriving.

Angela Libby Jankousky

Angela Libby Jankousky



Rev NetworkingRev Networking

Up to 20 professionals, each representing one profession, meet one on one at customized speed networking events, allowing you the opportunity to have a five-minute conversation with each participant to generate leads, referrals and business. Rev Networking is not a group, as you will meet new professionals every time and people that attend are serious about growing their business by networking and power partnering with other professionals.

Reservation only $68
Marilyn Manning 303-763-1865

marilyn@revnetworking.com
www.revnetworking.com

 

READING THIS AD? THEN WHY NOT PUT YOURS HERE TOO? The In-Flight Refueling Ezine reaches more than 3,000 entrepreneurs, small-biz owners, consultants and marketers. Reserve your advertising spot today in the next In-Flight Refueling Ezine,
http://www.make-it-fly.com/ezineads.html.

Paid Advertising Disclaimer: Make-it-Fly® LLC does not represent or endorse the accuracy or reliability of any of the paid advertisements above or the quality of any products, services, information, or other materials displayed, purchased, or obtained by you as a result of an offer in connection with any ad. It's common sense to do your own due diligence before purchasing any product.

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Refueling Recommendations

The Make-it-Fly® Advisory Board 101

Each Make-it-Fly® Advisory Board 101 program consists of 8-10 non-competing business owners who meet once a month for five consecutive months. In the spirit of giving, they offer each other solutions, ideas, resources and encouragement. Dave and Victoria facilitate each group and share powerful tools to assist business owners in reaching their goals and living more balanced lives.

If you have experienced a Make-it-Fly® Advisory Board, please share the following openings with other business owners who need support. Call Dave for more information at 720-962-8888.

Programs are held from 9:00 a.m. to 12:30 p.m.

Next Advisory Board 101 in Denver:

  • Mondays - March 1, April 5, May 3, June 7, July 6*, August 2
  • Wednesdays - March 31, April 28, May 26, June 30, July 28, August 25
  • Tuesdays - May 4, June 1, July 6, August 3, September 7, October 5
    *Tuesday

Click here to sign up for an Advisory Board.
Or call Dave at 720-962-8888.

Alumni Boards are groups of 12-14 small business owners who have participated in at least one Make-it-Fly® Advisory Board 101 and wish to continue the support and accountability with a group of like-minded, giving business associates. Members meet once a month for a three-hour meeting. If you completed the initial Make-it-Fly® Advisory Board 101 and are interested in more information on Alumni Boards, call Dave at 720-962-8888.

Make-it-Fly Café - High Altitude Networking, where exceptional people help each otherNext Café:

Date: Thursday, February 25, 2010

Time: 4:30 to 7:30 p.m.

Cost: $10 online, $15 at the door

Location: The Wellshire Inn
3333 South Colorado Blvd., Denver, CO 80222

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Please email or call Victoria if you'd like to reprint any information contained in this newsletter. Thanks! © Copyright 2009. All rights reserved.

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