Alexa’s guest today has had a career in the corporate sector lasting 25 years, Mark Peacock is the founder and managing director of Price Maker, a company which helps businesses improve their pricing. If your prices are going up or have a new service to offer and want to know how you should be pricing yourself, Mark is the expert to ask. KEY TAKEAWAYS

The standard 7 step methodology that Mark uses with clients is looking at your goals, who your customers are, who your competitors are, your product offering, your price, how you sell it, and what that means for your profitability. 
People are afraid to raise their prices for a number of reasons, they don’t want to upset their customers, they don’t know how their competitors will react, and they don’t want to scare off potential new business in the future. 
Start your pricing as high as you dare, you can always go down if you're not attracting any business. Set your own price that works for you before you look at what the competitors are doing. 
If you’re new to singing teaching, remember that your customers aren’t just paying for your qualification you’ve only had for a few months, they’re paying for your whole experience. That includes everything you’ve done in the past, for example performing on stage. 
Don’t just stick to one price or hourly rate, offer your customers choice between different packages. Give them a price for 10 hours and the price for 1, with the 10 hours being better value per hour. Give your customer the highest priced thing first, if you give them the lowest first then they become anchored at that price point. 

BEST MOMENTS‘The myth I want to dispel is that increasing your prices is a scary thing’ ‘Be mindful of your competitors but don’t get hung up about them’ ‘Ask yourself how much your best customer is willing to pay’ EPISODE RESOURCES BAST Training Guest Website:

pricemaker.co.uk 

Social Media: 

Linked In: https://www.linkedin.com/in/mark-peacock-the-pricing-coach/ 
Twitter: https://twitter.com/ThePricingCoach

Email Contact: 

mark@pricemaker.co.uk 

Relevant Links & Mentions: 

BAST Blog - Putting a Price on It - The Art of Setting Your Fees: https://www.basttraining.com/putting-a-price-on-it-the-art-of-setting-your-fees/
Pricing Scorecard Quiz:  https://mark-kgztnm2l.scoreapp.com/  

ABOUT THE GUESTI’m passionate about helping businesses improve their pricing. Pricing is one of the most powerful levers any business can use to increase profits and drive revenue growth.Yet all too often businesses are too scared to review their pricing and we find that many business owners are leaving a lot of money on the table as a result.We have helped our clients increase net profits by an average of 21% (which puts anything from £60K to £600K p.a. on the bottom line).We have advised hundreds of businesses using our unique pricing process for designing a better pricing strategy. And the good news is that there are loads of different pricing strategies available that can make a big difference to your bottom line.ABOUT THE PODCASTBAST Training is here to help singers gain the knowledge, skills and understanding required to be a great singing teacher. We can help you whether you are getting started or just have some knowledge gaps to fill through our courses and educational events.Website: basttraining.comGet updates to your inbox: Click here for updates from BAST TrainingLink to presenter’s bios: basttraining.com/singing-teachers-talk-podcast-biosSee omnystudio.com/listener for privacy information.