Book Summary
No B.S. Price Strategy main theme of the book is to present an assertive and unfiltered guide to formulating a price strategy that drives profits, power, and prosperity. It breaks down the conventional understanding of pricing and presents it as a powerful marketing tool rather than just a financial metric.
Title, Author: No B.S. Price Strategy: The Ultimate No Holds Barred Kick Butt Take No Prisoner Guide to Profits, Power, and Prosperity by Dan S. Kennedy
Key ideas or arguments presented
Kennedy argues that businesses often undervalue their products or services due to fear of high prices scaring off potential customers. He emphasizes that the right customers will recognize and pay for value, and thus pricing should reflect the true value of the product or service. The book presents various pricing strategies and encourages readers to break free from price competition, which often results in a race to the bottom.
No B.S. Price Strategy Chapter Titles
- Pricing Power: Explains how pricing strategy can significantly impact the profitability and power of a business. It emphasizes that pricing should not be based solely on competition but should reflect the value delivered to the customers.
- The Psychology of Pricing: Discusses the psychological aspects of pricing, including how customers perceive price and value. It introduces several psychological pricing tactics such as anchoring and price framing.
- Break Free from Price Competition: Kennedy encourages businesses to avoid competing on price alone, which often results in diminished profit margins. He offers strategies for differentiating your products or services to compete on value rather than price.
- The Strategy of Tiered Pricing: Introduces the concept of offering multiple price levels or tiers to cater to different customer segments.
- Pricing for Online Marketing: Provides insights on pricing strategies in the digital world, considering the ease of price comparison online.
Key Takeaways or Conclusions
Kennedy concludes that businesses should be unafraid to price their products or services to reflect their true value. He advocates for the implementation of strategic pricing models and avoidance of price wars. Ultimately, successful pricing is about understanding customer psychology, offering multiple price tiers, and differentiating on value rather than price.
Author’s Background and Qualifications
Dan S. Kennedy is a strategic advisor, consultant, business coach, and author of the popular No B.S. series. He directly influences more than one million business owners annually and is a champion of small business owners and entrepreneurs.
Comparison to Other Books on the Same Subject
Compared to other pricing strategy books like “Pricing Strategy: Setting Price Levels, Managing Price Discounts and Establishing Price Structures” by Tim J. Smith, Kennedy’s book is less academic and more focused on practical, actionable advice for small businesses and entrepreneurs. It is bolder and more assertive, fitting its ‘No B.S.’ title.
Target Audience or Intended Readership
No B.S. Price Strategy is ideal for small business owners, entrepreneurs, and marketers who wish to understand and implement effective pricing strategies.
Reception or Critical Response to the Book
The book has received positive reviews for its actionable advice, easy-to-understand language, and direct approach. However, some critics have noted that it may be too assertive for some readers and that it is more suitable for small businesses than for larger corporations.
Publisher and First Published Date
This book was first published on May 18, 2011, by Entrepreneur Press.
Recommendations (Other Similar Books on the Same Topic)
- (Amazon) “Confessions of the Pricing Man: How Price Affects Everything” by Hermann Simon
- (Amazon) “The Strategy and Tactics of Pricing: A Guide to Growing More Profitably” by Thomas T. Nagle and Georg Müller
- (Amazon) “Pricing Strategy: Setting Price Levels, Managing Price Discounts and Establishing Price Structures” by Tim J. Smith
Final Thoughts: The Book’s Biggest Takeaway
The greatest takeaway from Kennedy’s book is this: Pricing is not just a financial consideration but a powerful strategic tool that, when used properly, can drive a business’s profits, power, and prosperity.
Sources
- Amazon.com “No B.S. Price Strategy” by Dan S. Kennedy
- Goodreads – No B.S. Price Strategy
- Dan S. Kennedy Official Website
