What is Market Price?
Definition: The market price is the amount at which a product or service can be bought or sold. To calculate the market price, balance supply, and consumer demand --as economic theory affirms that convergence is at the point where the two forces meet. Therefore, when supply and demand shift or fluctuate, the market price also changes. I am frequently queried if we use marketplace pricing when developing our price matrix recommendations for clients. [Read more]
Does Your Sales Team Pricing Meet Market Level?
In an ideal world, sales strategy and margin strategy are aligned and live in perfect harmony. Unfortunately, I commonly see a lack of strategy for both sales and margin within many distribution companies. And, when companies do have strategies for each, rarely are they aligned. Because of this, the sales team, pricing managers, and product managers each do their own thing, resulting in misaligned pricing. Too often, a distributor has as many pricing [Read more]
EP81: Stuck in the Mud or Full of Fantasy
Welcome to another episode of Market Dominance Guys with Chris Beall and Corey Frank. Today, the guys continue exchanging ideas with Gregory Smith. In this third part of their discussion, they talk about the view from a CEO’s desk. Chris, who is himself a CEO, thinks that most chief executive officers’ view of their company is often skewed by the remove at which they look at its operations. As he puts it, “They [Read more]
EP80: Why “the Why” Is So Essential
Market Dominance Guys, Chris Beall, CEO of ConnectAndSEll and Corey Frank, CEO of Branch49, interview Gregory SmithThey’re talking today about talent acquisition and development, which Greg says is about 60–80% of most companies’ expenses — and could be one of the significant reasons why some businesses don’t grow. He believes that a company is only as good as its people and the way its people treat customers. With the goal of inspiring his [Read more]
EP79: One and Done Is the Loneliest Number
Market Dominance Guys, Chris Beall, CEO of ConnectAndSEll and Corey Frank, CEO of Branch49, interview Gregory Smith. Corey introduces Greg as an “M&A whisperer,” which Greg lives up to as he reveals insights gleaned from his work with mergers and acquisitions. How can he tell if a company is going to survive and thrive? Greg says that he begins with two questions: “Does your company’s product or service fill a particular niche? And [Read more]
Should You Announce a Price Increase?
After months of careful review and analysis, your distribution business has made the decision to go forward with a price increase. You’ve spent hours considering how this change will impact your customers, the mix of products you sell and your bottom line. Once you’ve locked in the proposed changes, there is still a critical decision you need to make that will dramatically impact the success of your price change: How will you communicate [Read more]