Pricing is a potent tool that businesses can use to increase profitability as well as the value of the company. However, at times, increasing the price of a product or service can be scary for a lot of small businesses. This week on Grow Money Business, we have a fascinating conversation with an expert in pricing, Robert Ribciuc. Robert is the managing partner of EBITDA Catalyst, a firm that helps businesses improve their pricing strategy. Throughout the episode, we dive into why pricing strategy is important to businesses of all sizes and some of the key things business owners should consider when setting prices for their products and services.
[02:37] Robert’s Story – We start the conversation with a brief look at Robert’s career journey, what led him to start his firm, EBITDA Catalyst, and how it helps businesses improve their pricing strategy.
[04:57] Impact of Pricing – The role pricing plays in the success of a business and how it impacts the valuation of the company in the long term.
[11:59] Acquisitions – Robert shares his thoughts on how the pricing strategy of a business comes into play in an acquisition.
[16:25] Pricing in a Competitive Market – For small businesses in very competitive markets, increasing the price of goods or services can be scary. Robert dives into how to identify good opportunities for higher prices and how to deal with the anxiety that comes with it.
[21:23] Pricing and Cost – What business owners should consider when adjusting pricing to compensate for the costs that have gone up.
[29:47] Value Proposition and Pricing – How business can adjust their pricing in a way that generates maximum returns according to the value provided to the customer.
[34:07] Mission-driven Pricing – Robert shares his take on the unique opportunity that smaller businesses have to optimize their businesses towards goals and causes other than just profit.
[37:00] Evaluating Value – What business owners should consider when evaluating their value proposition in turbulent market conditions.
[41:19] Monetizing Innovation – Robert shares his thoughts on pricing for new products or services.
[46:40] SMB Bootcamp – Robert shares his excitement about his Small and Medium Business Pricing Bootcamp, while discussing some of the most rewarding aspects of working with entrepreneurs.