Adam Juda https://TapRun.com Each episode answers a pricing question en-us 60 Pricing and monetization question and answer. This podcast answers the questions being asked by business owners and entrepreneurs. Adam Juda adam@taprun.com pricing, monetization, marketing, prices, economics, behavioral economics, marketing Adam Juda adam@taprun.com No Adam Judahttps://taprun.com/articles/3030I live in a low cost area, but my freelance business competes with companies in New York City and London. Many of my potential clients argue that I should reduce my rates because I live in a low cost area. Are they right?PodcastsTue, 26 Jan 2021 00:00:00 +0000NoI live in a low cost area, but my freelance business competes with companies in New York City and London. Many of my potential clients argue that I should reduce my rates because I live in a low cost area. Are they right?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/2929I keep hearing that I should charge more, but the very first thing that my freelance customers want to talk about is my price. If all they care about is what I charge, how can I hope to raise my rates?PodcastsTue, 19 Jan 2021 00:00:00 +0000NoI keep hearing that I should charge more, but the very first thing that my freelance customers want to talk about is my price. If all they care about is what I charge, how can I hope to raise my rates?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/2828My company sells a product that we assemble, but the parts are manufactured overseas. One of our suppliers is increasing its prices. Can we pass the bulk of this increase onto our consumers?PodcastsWed, 07 Oct 2020 00:00:00 +0000NoMy company sells a product that we assemble, but the parts are manufactured overseas. One of our suppliers is increasing its prices. Can we pass the bulk of this increase onto our consumers?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/2727We're trying to figure out how we should implement tiered pricing at our consulting company. Can we just have different prices for different sizes of customers?PodcastsWed, 23 Sep 2020 00:00:00 +0000NoWe're trying to figure out how we should implement tiered pricing at our consulting company. Can we just have different prices for different sizes of customers?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/2626I just received a relatively small request. It will take me around ten minutes to address it. Should I ask for payment or perform the work for free?PodcastsWed, 16 Sep 2020 00:00:00 +0000NoI just received a relatively small request. It will take me around ten minutes to address it. Should I ask for payment or perform the work for free?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/2525I'm starting a service business and am trying to figure out my pricing. As long as I'm charging less than it would cost for buyers to perform the work themselves, my offering will be an instant buy, right?PodcastsMon, 31 Aug 2020 00:00:00 +0000NoI'm starting a service business and am trying to figure out my pricing. As long as I'm charging less than it would cost for buyers to perform the work themselves, my offering will be an instant buy, right?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/2424I'm creating a startup, and my advisors keep telling me that I can't just be as good as the established players. In order to succeed, I have to deliver something that is fundamentally better. Is this true?PodcastsMon, 27 Jul 2020 00:00:00 +0000NoI'm creating a startup, and my advisors keep telling me that I can't just be as good as the established players. In order to succeed, I have to deliver something that is fundamentally better. Is this true?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/2323In the old days, gas station attendants would fill up customers' gas tanks for free. Now drivers do it themselves. This shift in responsibility from company to customer has clearly saved gas stations a bunch of money. How can I do something similar for my software company?PodcastsFri, 03 Jul 2020 00:00:00 +0000NoIn the old days, gas station attendants would fill up customers' gas tanks for free. Now drivers do it themselves. This shift in responsibility from company to customer has clearly saved gas stations a bunch of money. How can I do something similar for my software company?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/2222I can't afford to hire good employees like my competitors do. Yet without good employees, how can I compete?PodcastsWed, 01 Jul 2020 00:00:00 +0000NoI can't afford to hire good employees like my competitors do. Yet without good employees, how can I compete?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/2121I'm now forced to compete against a couple of well-funded companies that entered my market. I just can't offer what they do at an equivalent price. They have too many resources, and I think they're even willing to operate at a loss. As a result, I'm losing customers left and right. What can I do to survive?PodcastsMon, 29 Jun 2020 00:00:00 +0000NoI'm now forced to compete against a couple of well-funded companies that entered my market. I just can't offer what they do at an equivalent price. They have too many resources, and I think they're even willing to operate at a loss. As a result, I'm losing customers left and right. What can I do to survive?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/2020My partners and I started a small service-based business. As we've continued to specialize, we've been able to raise our rates by quite a bit. How do we know when we've become so specialized that any additional narrowing of focus will hurt our pricing power?PodcastsFri, 26 Jun 2020 00:00:00 +0000NoMy partners and I started a small service-based business. As we've continued to specialize, we've been able to raise our rates by quite a bit. How do we know when we've become so specialized that any additional narrowing of focus will hurt our pricing power?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/1919I was listening to a business podcast, and the host said that there is a standard ratio between what a consultant can charge and what his client earns as a result of his advice. Unfortunately, I didn't hear him say what this ratio should be. Does six-to-one sound about right to you?PodcastsWed, 24 Jun 2020 00:00:00 +0000NoI was listening to a business podcast, and the host said that there is a standard ratio between what a consultant can charge and what his client earns as a result of his advice. Unfortunately, I didn't hear him say what this ratio should be. Does six-to-one sound about right to you?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/1818My partner and I have a lot of experience in the automotive industry. A few years ago we started a monthly service that helps scan and organize documents for vehicle service departments. It's going well, but we want to build a bigger business. I thought that the next market we should enter is finance. Buyers in this market have deep pockets and work with a lot of documents. What should we do to maximize our ability to charge high rates in this new market?PodcastsMon, 22 Jun 2020 00:00:00 +0000NoMy partner and I have a lot of experience in the automotive industry. A few years ago we started a monthly service that helps scan and organize documents for vehicle service departments. It's going well, but we want to build a bigger business. I thought that the next market we should enter is finance. Buyers in this market have deep pockets and work with a lot of documents. What should we do to maximize our ability to charge high rates in this new market?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/1717I read an article on another website that suggested the best way to figure out my ideal pricing is to keep increasing my rates until I encounter too much resistance. Is calculating my ideal price really this easy?PodcastsFri, 19 Jun 2020 00:00:00 +0000NoI read an article on another website that suggested the best way to figure out my ideal pricing is to keep increasing my rates until I encounter too much resistance. Is calculating my ideal price really this easy?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/1616My company is planning to start using loss leaders. Unfortunately, none of my fellow coworkers has much experience with them. What types of products should we select?PodcastsWed, 17 Jun 2020 00:00:00 +0000NoMy company is planning to start using loss leaders. Unfortunately, none of my fellow coworkers has much experience with them. What types of products should we select?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/1515You've repeatedly stated that specializing is one of the keys to maintaining a high degree of pricing power. However, I have two interests. Is it ever OK for a business to specialize in two areas at the same time?PodcastsMon, 15 Jun 2020 00:00:00 +0000NoYou've repeatedly stated that specializing is one of the keys to maintaining a high degree of pricing power. However, I have two interests. Is it ever OK for a business to specialize in two areas at the same time?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/1414I've been hearing about value-based pricing for a while, so I jumped in and sold my very first value-priced service offering. Unfortunately, the project is taking a lot longer than I had expected. What can I do to get out of this with my sanity (and my bank account) intact?PodcastsWed, 10 Jun 2020 00:00:00 +0000NoI've been hearing about value-based pricing for a while, so I jumped in and sold my very first value-priced service offering. Unfortunately, the project is taking a lot longer than I had expected. What can I do to get out of this with my sanity (and my bank account) intact?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/1313My company offers a service to people in a small geographic area. A close rival recently raised its prices and seems to be doing well. Does that mean that I should raise my prices too?PodcastsMon, 08 Jun 2020 00:00:00 +0000NoMy company offers a service to people in a small geographic area. A close rival recently raised its prices and seems to be doing well. Does that mean that I should raise my prices too?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/1212A company wants me to write some custom software. It's eager to get started, but there is a lot of uncertainty about its requirements. How can I quote a price when I don't understand the company's needs?PodcastsFri, 05 Jun 2020 00:00:00 +0000NoA company wants me to write some custom software. It's eager to get started, but there is a lot of uncertainty about its requirements. How can I quote a price when I don't understand the company's needs?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/1111I started working for a new business and noticed that some of our products have much higher margins than others. I've argued that we should get rid of the low margin items and focus on the high margin ones. My bosses disagree. Which of us is right?PodcastsThu, 04 Jun 2020 00:00:00 +0000NoI started working for a new business and noticed that some of our products have much higher margins than others. I've argued that we should get rid of the low margin items and focus on the high margin ones. My bosses disagree. Which of us is right?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/1010I really like the idea of good, better, best pricing. I think it makes sense, but I don't know how to apply it to my products. How can I use it for T-shirts?PodcastsWed, 03 Jun 2020 00:00:00 +0000NoI really like the idea of good, better, best pricing. I think it makes sense, but I don't know how to apply it to my products. How can I use it for T-shirts?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/99I'm a manager at a small company. My firm's competition has been getting fiercer every year, so we've been forced to start cutting corners on quality just to compete. How do we know when we've reached a price that's low enough so that we can stop trying to cut further?PodcastsTue, 02 Jun 2020 00:00:00 +0000NoI'm a manager at a small company. My firm's competition has been getting fiercer every year, so we've been forced to start cutting corners on quality just to compete. How do we know when we've reached a price that's low enough so that we can stop trying to cut further?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/88My company is selling a product that has a defect known to us. Is it ethical to avoid revealing the problem to our customers?PodcastsMon, 01 Jun 2020 00:00:00 +0000NoMy company is selling a product that has a defect known to us. Is it ethical to avoid revealing the problem to our customers?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/77Hi Adam, I'm a web designer and it seems like everyone is telling me to specialize in order to earn higher profits. I decided to specialize in small nonprofits, since I come from that background. But now I'm having more trouble than before. Is there some part of specialization that I'm missing?PodcastsSat, 16 May 2020 00:00:00 +0000NoHi Adam, I'm a web designer and it seems like everyone is telling me to specialize in order to earn higher profits. I decided to specialize in small nonprofits, since I come from that background. But now I'm having more trouble than before. Is there some part of specialization that I'm missing?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/66I'm starting a service-based business, and I'm having a lot of trouble coming up with productized offerings. It's not that I don't know what customers want. It's just that I have no idea what to charge. Each job is going to be very different, so I don't know how much I should be asking for each package. Can you give me some hints?PodcastsFri, 15 May 2020 00:00:00 +0000NoI'm starting a service-based business, and I'm having a lot of trouble coming up with productized offerings. It's not that I don't know what customers want. It's just that I have no idea what to charge. Each job is going to be very different, so I don't know how much I should be asking for each package. Can you give me some hints?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/55You always seem to talk about pricing from the seller's point of view. I'm on the other side of the equation. I'm a non-technical manager and will be overseeing an outsourced software development effort (we have no developers on staff). We're currently talking to two development companies. One is giving us an hourly rate but is unwilling to give us a firm estimate. The other has presented a guaranteed fixed price. How in the world can I compare the two bids?PodcastsThu, 14 May 2020 00:00:00 +0000NoYou always seem to talk about pricing from the seller's point of view. I'm on the other side of the equation. I'm a non-technical manager and will be overseeing an outsourced software development effort (we have no developers on staff). We're currently talking to two development companies. One is giving us an hourly rate but is unwilling to give us a firm estimate. The other has presented a guaranteed fixed price. How in the world can I compare the two bids?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/44My company manufactures and sells industrial molds. Although we're a new company, we are skilled at what we do and produce very good products. Unfortunately, businesses keep buying our competitors' products that are of lower quality and don't last as long as ours. We're only charging a bit more than them, but given the extreme difference in quality, I don't feel like that should be causing a problem. What is wrong with the buyers, and why aren't they choosing us instead of our competitors?PodcastsTue, 12 May 2020 00:00:00 +0000NoMy company manufactures and sells industrial molds. Although we're a new company, we are skilled at what we do and produce very good products. Unfortunately, businesses keep buying our competitors' products that are of lower quality and don't last as long as ours. We're only charging a bit more than them, but given the extreme difference in quality, I don't feel like that should be causing a problem. What is wrong with the buyers, and why aren't they choosing us instead of our competitors?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/33I help small businesses with their computer problems. I usually charge by the hour, but I am trying to switch to value pricing. It isn't working. The people I've pitched agree with all of my points when I show how valuable my services are, but they still balk at my proposed rates. Is there some secret step in the value pricing process that I'm missing?PodcastsMon, 11 May 2020 00:00:00 +0000NoI help small businesses with their computer problems. I usually charge by the hour, but I am trying to switch to value pricing. It isn't working. The people I've pitched agree with all of my points when I show how valuable my services are, but they still balk at my proposed rates. Is there some secret step in the value pricing process that I'm missing?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/22I'm a partner in a local [service business] and we've decided to move closer to the center of the city. This will allow for more interaction with our core customers and reduce commutes for our employees. We've received a low bid for our existing place, and our real estate agent is telling us to take it. Should we?PodcastsSun, 10 May 2020 00:00:00 +0000NoI'm a partner in a local [service business] and we've decided to move closer to the center of the city. This will allow for more interaction with our core customers and reduce commutes for our employees. We've received a low bid for our existing place, and our real estate agent is telling us to take it. Should we?business, pricing, entrepreneurship, marketing, strategy, price Adam Judahttps://taprun.com/articles/11I keep hearing that costs don't matter when setting prices, but is that really true? Why would anyone set his prices below his costs?PodcastsSat, 09 May 2020 00:00:00 +0000NoI keep hearing that costs don't matter when setting prices, but is that really true? Why would anyone set his prices below his costs?business, pricing, entrepreneurship, marketing, strategy, price