Master Value Pricing: Maximise Profits with These 10 Proven Pricing Strategies - Part 1

Welcome. I have a really special video for you today in this I'm going to share with you. Firstly, what are the 10 key areas, 10 key areas that you need to know to really get better results with value pricing, with your pricing increasing your profits. But what I'm then going to do is I'm going to share with you how can you use those 10 different areas to create huge amounts of value for your clients as part of perhaps a business advisory service where you help them to improve their pricing. But here is the best bit. The best bit is I have a whole bunch of practical prompts that you can use with your large language model of choice, let's say chatgpt. And it will make the entire process really easy, give you amazing results for a tiny fraction of the time it would take if you were to do this just by thinking and coming up the ideas yourself. And this is a way of creating huge value for clients. Now this session I'm going to give you is one of my live sessions from the Value Pricing Academy from level three Mastery, the top tier of my Value Pricing Academy. And the reason I want to share this particular one is feedback I've had from members from this session is so overwhelming. It's one of the, well people have said it's one of the best sessions of 2024 and I thought I'd share it with you. So let's go across to that live training and you'll discover how to improve both your pricing, but also how you can help your clients too. Okay, let's get started with the content. So today's session is called Price the fastest way to change the your clients profits. And what we're going to be doing in today's session is going to be highly practical. You're going to love this session. What I'm going to be doing is walking through what are the 10 key areas of pricing that you need to be aware of. What are the 10 key areas which of course you are aware of all of those you're part of the Value Pricing Academy and we teach you this every single month. But, but what we're going to be doing is looking at specifically how if you were going to be working with a client to help with their pricing, with any business owner to help with their pricing, what would you do if as part of a business advisory service, you were going to help clients improve their price, what would you do over the course of a series of consulting advisory sessions? So we'll look at that now. We're going to do that in just the first 10, 15 minutes we're going to do that. Reason overview because I know that as being part of the Value Pricing Academy that you are familiar with a most of the pricing concepts and also we talk about delivering advisory. What I really want to do today is make it so that it's really practical so that you can start doing this stuff effortlessly. I'm going to use a case study, a real live business for this. And what I'm going to do is show you really powerful prompts that you can use where AI will do all the hard work for you. You won't have to do any thinking. You can come up with dozens of strategies, ideas, helping your client with their pricing systems in just a tiny fraction of the time it would normally take you and without having to do too much thinking. So I know you're going to love this because you've always said to me over the last 612 months that you love the prompts I create for you. And so we will be spending most of this session diving into ChatGPT and looking at prompts. Okay, so what I want to do just to kick start the process is let's go through the 10 strategies, but I'm going to show it to you by way of this image here. This is just a page of a flip chart. I simply just stretched it and put it on two sides to fit it all in. So why a flip chart rather than perhaps a more neater slide? Well, let me give you another thought. This is a bonus idea for you. It's a bonus idea and what I'm going to really focus on today, as you perhaps aware, is I'm going to be teaching you how you might work with a client over a period of months, helping them with their pricing. But you'll also know that we also teach in the Value Pricing Academy how you could run a business club, how you could rather than working one to one, work one to many. And I know some members are doing that and it's highly effective. It means that people pay you a subscription, a membership to be part of the club. And the more people you get, the more money you make for the same amount of time you spend with them. And you could do that via Zoom meetings or you could do it at a physical event. So I have some of you know that here in Portugal, where I live, I started a business club myself of local business owners where, where I help them improve their business. We meet once a month. We have nine business owners in the group and I happen to have. Last week I had one of my sessions and what people asked for in that session was they wanted help with pricing. Interestingly, I found over the years as I've done advisory work for business owners, that pricing is the thing that most people recognize they don't understand and it's the best way, the fastest way to change profits. So I had these nine people in the room and I basically opened up a page of the flip chart and I put these 10 ideas here, as you can see. And this was the first time that I'd been talking to this group about pricing. So this is how I structured it. I simply explained in about two or three minutes for each of the 10 items, actually perhaps less than that 20 minutes, I went through and explained an overview, the 10 things on this flip chart. And I then went round the room and said to each person, what's your biggest challenge with pricing right now? And which of these 10 things would you like to focus on? So the first person might have said, well, actually I think that I could do with some help with pricing models, what pricing models I could use because I like the one you mentioned earlier. And then we just start a conversation and at the end of it, all of the nine people in the group, they got so much value from what was just a 60 minute group, sorry, two hour group session. So I say that as my bonus tip because if you do run a business club or thinking of a business club, then you could also use these 10 ideas as a framework for running a one to many group club coaching session. Okay, so with that said, let's now go through the 10 very quickly. Let me just quickly describe them to you. I'm not going to go into a huge amount of detail right now because we want to get at the practical side and I'm guessing that you're aware of Most of these 10 being of course a member of the value pricing academy. But let's go through them quickly. So first of all we have strategy, which is a great place to start when you're talking to a business owner about pricing. And by the way, I forgot to say, I would suggest that you could turn these 10 into a curriculum if you're working and doing business advisory with a client. This would be a 10 month process, for example, so they pay you every month. Each of these 10 gives you a topic, a theme that will easily give you enough content for a monthly meeting of between one hours and three hours. One to three hour meeting on each of these 10, particularly when you've got access to the prompts that I'll share with you later. Which will make it so, so easy. So strategy.

What would I do in the very first session? Well, actually what I would do is I would talk about strategy and also the foundations, the fundamentals. Let me just show you what I would discuss if it was my first meeting with a client to talk about pricing. In my first meeting I've got a suggest agenda. It's actually in the workbook. In the workbook. You'll see this in the appendix in a bit more detail as an agenda. What I would do is, as I would at the start of every advisory engagement is start to ask some questions to find out where is the client right now, what's their pain points, their challenges, their frustrations right now. And also where do they want to be, what are their goals, where they aiming for, which is always with every engagement, advisory engagement, whether it's general business advisory, profit improvement, pricing, whatever, we need to understand what are the challenges, problems now and what are they looking to achieve. I would then do some possibility analysis. I would look at some numbers because we're the numbers experts, aren't we? And you could do that through an Excel spreadsheet. But of course as a member you have access to the profit diagnostic software which is a powerful tool for demonstrating what's possible and as many of you know, it's a really powerful tool for helping you to sell business advisory services. Then what I would do is I would have a general conversation about what are some of the common pricing myths. And I'm not going to go through these now. You know of these things like people just assume that all their customers are price sensitive and I teach you why that's not the case. So I talk a bit about some of the common pricing myths and then some of the big pricing mistakes that businesses make. Things like not involving the customer in the pricing process. So that could be a 10 minute conversation, a 20 minute conversation around some of the myths and mistakes that we see business owners make. Then what I would do is I would then talk about the three strategic options. Let me quickly remind you what they are the three pricing strategies. Number one. Number one is what's often called low cost leadership. That means our pricing strategy is to be cheaper than anybody else and capture market share. The trouble is that to make that work there are very specific requirements and it's very difficult to pull that off successfully. Some businesses do, like for example EasyJet and Ryanair in the European airline industry have been very successful for years. They are the only two low budget airline companies that have been successful year in, year out. Most have come and gone. And there's reasons for that. So that's one, we could be the cheapest. At the other end of the spectrum is where we have a strategy of creating more value, differentiating ourselves, creating more value and having a premium price. That is the strategy that is by far the best for most people. And in the real world we see that with, for example, Apple have huge market share and they are expensive. In the coffee industry, Starbucks huge market share, they are expensive. So they are the main two. We either decide to be low cost leadership or we focus on being the best and having a premium price. The third strategy is what I call the me too strategy. The me too strategy, which is unfortunately, most businesses and most accounting firms is they set their price based on what their competitors are doing. And given that most competitors don't know how to price, that means we end up being average. So they are the three. That's what I would explain to a client. I'd explain those three pricing options. I would then perhaps share some ideas for some quick wins. And I'd wrap up the meeting with an action plan which would then form the agenda for the next eight, nine, ten months. That's how I'd run the first session. Okay, let's move back to, let's move back to that chart that I showed you. And here we go. So we've done strategy. That would be the session in itself to get things started. So what might we do with price discrimination? So remember, price discrimination is what economists refer to as their fancy name. A simpler name is charging different customers different prices. Charging different customers different prices. And economists talk about price discrimination with three degrees. And they're very creative. They have first degree, second degree, and third degree price discrimination.

So one of the things that you could do in this session is you can have a session all about price discrimination where you talk to the client about what it means. You could then go through the different forms of price discrimination across those three different degrees, of which there are about 16 or 17 different possible strategies that uses price discrimination. And the way that I would do this with a client is I would go through each of them in turn, explain what the strategy is, explain some examples of other businesses that do it. And then I would ask the client of the 15, 16 ideas, which of the three or four they feel would be most appropriate for their business. Because not every strategy is right for every business. And once I've identified with a client what might be the top five or the top three, I would then have a discussion around how might we Implement that strategy, what might be the action steps. And that discussion could take a full two or three hours very easily. Now, you might be thinking at this stage, yes, but I wouldn't know how to come up with what might be the top three, four or five price discrimination strategies. Well, don't worry, I have a prompt for that. We're going to see it very, very soon. So we'll get onto that coming up. Watch this space. In fact. Yeah, let's do that very soon. Let's move to the next one. So the next one, I put choice and options in brackets. Menu pricing. When we look at price discrimination, there is one particular strategy. It's actually a second degree which is extremely powerful, relatively easy to implement and applicable to most businesses. So most people want choice, most customers, when they buy, want choice. And one of the ways that we can do that and use price discrimination is by giving tiered packages. I call it menu pricing. So you're familiar with this. It's the idea of if you like a bronze, silver, gold, we create three packages. It's so, so powerful. And as you know, in our pricing sessions for accounting services, I always recommend every service you give a choice of at least three. You have three versions of a tax return, three versions of bookkeeping. It works so well. There's some real science behind it. There's price psychology, there's behavioral economics. And that one strategy alone can increase aver prices by between 20% and double. The first time I used it in my accounting firm in 1999, I increased my average price for one of my tax services by close to four times the price. It was just extraordinary. And you know that because many firms in the academy share how they've been doing that and the results they're getting. So that's menu pricing. That's a way of giving people choice. It's not the only way. There are other things that you can do but like preference questions you're familiar with, like upsells. So given that that's a part of price discrimination, it's such a big topic in itself, we could easily spend a full two or three hours in a meeting with a client helping them to design different packages and so on. And you'll know I teach the seven step framework for how we do that. So I'm going to show you some prompts later on that makes it really, really easy. And of course, all these prompts can be used not just as part of advisory, but you could use them yourself if you've not yet created three different tiers for your services, then you could use these prompts on your own business. So next we have value creation. There are two ways to price, as you know, cost plus pricing and value pricing. And we know that value pricing is always a superior way of pricing for any business. And so with value pricing, if we want to have higher prices, we have to create value, more value. The more value that we create for our clients, we do two things. Firstly, we can charge higher prices and they will willingly pay higher prices. But also when we create more value, we differentiate ourselves from everybody else. And value creation is a key part of this strategy of being a premium product provider and charging premium prices, which you want to do and your clients should be doing. So you could spend a whole session talking about value creation and you'll know I teach you.

The value equation and as part of the value equation, I teach you there are two types of benefits. There are tangible benefits and intangible benefits. The tangible benefits are the physical things that we might add to a product or service. And the intangibles is how we improve the service, how we improve the customer experience. And you may remember that intangible benefits, whilst they are the harder to think of, most people can think of the tangibles because they're physical. Usually it's the intangibles that are ones that are most powerful because when we impact on the customer's experience, it impacts on their emotions. And when we give people a great experience, they go and tell everybody else how great you are. So how I would run that session would be I would first of all talk through the idea of the value equation, the different components of the value equation, and I would then go through and brainstorm with the client. How could they create more value? I would look at tangible first, I then look at intangible. Now, by the way, you have resources to help you with many, many of these things because you have access to.

What I call the business success academy, which if you remember, is 11 ready to use topics. Each one you have the PowerPoint slides, a 40 minute video of me delivering it, a workbook and a marketing guide, which means that you could use these to run a webinar, a live stream, or use them as part of a business club. So you have these little presentations in a box if you like, and Most of the 11 are pricing ones. And in the workbook that I'll share with you, I'll tell you, I'll point out of these 10 strategies, which ones have a.

A session in a box that you could go and just watch the video or read the workbook, and there's one for value creation. So I would recommend that what you do, if you want to run a session on value creation with the client, go and watch that 40 minute video or read through the workbook so that you are familiar with how I might teach that and use that to introduce the topic in the meeting. So you can kick start with a 20, 30, 40 minute overview of value creation, the ideas of the value equation, tangible, intangible, you've got all that stuff. And then using the prompt I'm going to show you later, you'll then find the working with the client is going to be so, so easy. Okay, then we have value communication, which as you know, is arguably the most important thing on this list. And that is that if people do not understand the value of what you do, then they'll always see you as being too expensive. And so words are so important. The way that we communicate is so important.

Again, you could spend a session where you review, for example, all their pricing material, the words they have on their website, the words they have on their pricing brochures, wherever they have those words, the wording in their proposal documents, you could review those words and give them feedback. And if you're thinking, yeah, but I wouldn't, I'm not a wordsmith, I'm not a copywriter, I wouldn't know how to do that, please don't worry, I have you covered because I'm going to have a prompt for that. We will get to the prompt later. I will show you exactly how you do it. It's really easy with the help of AI. Right, next, payment terms. Payment terms is surprisingly, it is part of the price, the pricing equation. Because when we, for example, present a proposal, the payment terms are part of the price. And we can use them in all sorts of creative ways. Like, for example, we could offer people a different price, a lower price if they pay us in advance upfront. And then we can use all sorts of other strategies around payment terms. Again, we talked about that before in other sessions, so go back and revisit those. All the ideas I talk about are applicable to your firm, your business, but just as well to your clients. We could then also talk about pricing models. There are many, many different pricing models. You could run a session with the client identifying what other pricing models might be relevant to them. And in about five or six minutes we'll get into the practical side and I will show you. I'll kick off with a great prompt that you can use to kickstart a pricing models session. So that's coming very soon. Then of course, we could run a session around price psychology. I know many of you love the training on price psychology. Things like the power of anchoring, the contrast principle. How do we end our prices? Should we end with fives or nines or zeros? And there's a lot of science around that, a lot of science, psychology. We can have some real fun helping our clients position their price in a different way that gets better results. Powerful stuff, as you know. Then I've got testing, actually this is, this is setting the price and testing. But let me just give you a word of warning. A word of warning. So one of the things you may find if you are working with a client with pricing, I get this a lot, is they will say to you, what, what should my price be? Your job is never to tell people what their price should be because nobody knows the price until you've tested it. So never, never give people a price. Instead, what you can do is give them your thoughts in vague terms on what you currently think their pricing is. You might say, for example, I think your pricing is too cheap, which usually it is with small businesses. Or you might say it's too expensive. But don't go into specific details. You might give some ideas. You might say your current price is $50. You might want to test 47 versus perhaps 59. And the key thing here is as well as talking about testing, but where you really bring value is given.

Your experience with numbers, is setting up some ways to test prices, is perhaps put some systems in place and then once a month you get back to the client and you measure what results they're having. And we talk about that in some of our sessions how you would do that testing. So testing is where you test the prices. Nobody knows what is the right price. So just tell the client. If they say to you, what should the price be? The answer is you don't know. You have to test, you have to test different prices. And last but not least is the next, the last thing that I would perhaps do is then help the client systemize the process, put in place some price systems. They could be for example, setting up the prices on their website, the menu of prices, the packages. It could be creating. You could help the client create, like I do for you, professional looking pricing brochures that help to build up the value. It could be that you create, help them create proposal systems. It could be that you help them have a system for pricing. For example, you have access to the effective pricing software and as you know you can create client versions of that. So you could set it up and earn money from doing that by setting up the software for one of your clients. Okay, that's the 10, that's the 10 areas that you could then cover as a cost cross, let's say 10 months. So now we get onto the practical bit, which I know you've been waiting for, which is how can we use AI to. To do this? So I'm going to. I've got. I think I've got seven really powerful prompts for you. Seven prompts we're going to go through, which will do all the heavy lifting on this. I think I'll get through all seven. We'll see how the session goes. I'll try and get all seven across to you. A couple of things. First, though, these prompts are designed to use with ChatGPT. They're designed for ChatGPT. I'm going to show you with, with ChatGPT. But equally with possibly a little bit of tweaking, they could all be used with any large language model. So if you prefer to use Gemini or Claude, you could still use them for that. But I know that most of you use ChatGPT, it's my LLM of choice this year in 2024, so we're going to focus on that. Now, someone did ask me the question, why are these prompts and not a GPT? And for those of you that have done the Leading Edge process, where I've taught you about GPTs, yes, you could build GPTs to do your pricing, and I will be sharing with you later on this year some GPTs that you can use for pricing purposes. However, when working with clients with prompts, I think that as long as you've got good quality prompts, separate prompts for different specific things, it just gives you more flexibility. And so I've designed these prompts to each be used standalone, with, I think, one exception, because you might want to do them in different sessions. You might want to use prompt number one in session one, prompt number two in session two, and so on and so forth. They don't have to be done in the same order, they don't have to follow on. They're standalone prompts. And what I've done with all of these prompts is I've made them prompt templates. So as I've explained in the Leading Edge program to you that I like to templicize prompts, if that's a word. In other words, make them so that they can be used over and over again just by changing one or two variables. So. And you've told me over and over again that you love the prompts that I am creating for you, and they are very long prompts, as you'll see. Why are they long prompts? Because I've designed them to get the very best results. And those prompts include, I've trained ChatGPT or whatever model you use in some of the core pricing concepts. So we get just the right answer that we're looking for. Okay, are you ready? Are you ready to dive into the case study? So let me explain it. I was actually helping a lady who's in my business club just last week, and she runs a business, wanted help with pricing. She runs a wine business, wine tours and wine tasting, and she's just started a wine club as a membership. We were talking about membership and subscription businesses in our, in our business group. And so she set up a membership and she asked me for feedback and other thoughts of what she could do. And so I designed or used these prompts to help her with her business and I built a complete pricing system for her, which she loves. And I've shared it with the rest of the group as well. They love it. But it took me such a short amount of time, it took me to do all the hard work. I think it was about 20 minutes. You're going to see, as I run through this. Right. And I'm going to use that business as our case study to make it realistic, real for you. So the business is a wine tasting and tours in Portugal, which is where I live. And so I'm going to use this business, it's called, I forget what it's called now, Vino Camigo. And under, under the wine club. She's got a new page for a website now which, which lists what she does in the wine club. So that is the example we're going to use.

Right, let's go to ChatGPT. And all these prompts you could run in one chat, which is what we're going to do today, or you could run separate chats, but I'm going to run it in one chat. Whichever way you do it, before you run the first prompt, you need to give chat GPT some details of your client's business. It needs to understand the business. So I've got, I've already put this prompt in here to save a bit of time, and I've put a version of this prompt into the workbook for you. So you could just use this prompt, just put in a different. Just change the details so it says this, I want you to help me advise a business on their pricing. That's my goal. The business is called Vino Camigo. First I want you to understand the business and their current offering. This is their website. Your first task is to analyze every page of the website so you and so you understand the business and the offering. And let me know when you are ready for the first task. So what is done? Form A A few minutes back it's gone and reviewed the website and I can see it's given a little bit of an overview of the business. So I now know that Chat GPT understands the business.

So that means that when I give it the first task, it already knows what we're talking about, what business. And by the way, you could use any of these prompts with your business and in fact I would recommend, why not test it out yourself and run it for your business, see what it comes up with.

Okay, let's go into the first prompt then. What I'm going to do first is I'm going to look at pricing models. I'm going to look at different pricing models for this particular client. That was one of the later ones on that list of 10. It's not necessarily the one that you would do first. I'm just picking that one because I thought I'd start there. And all of these, all of these pricing, sorry, these prompts I've put on a trello board. This is the prompt library. And I know some of you are familiar with this, some of you aren't. But one of the new tools that we're rolling out to Value Price Academy members this year in 2024 is a library of all the prompts I have written so far. I think nearly 100 prompts for accountants and bookkeepers specific to your business. And some of them are marketing prompts, some are business advisory prompts, some are system statement of operating procedures, some are writing emails, all sorts of stuff. And we've got them, we're just finalizing, testing some of them and then we're going to be drip feeding them across to the board. So you've got access to them, the board you have access to now already. And some of you may know it was last month, last month.

We went and published the board and shared it with you. So this is brand new. This is brand new. And I've put on here the pricing ones that we are going to use.

And so all we do with the prompts is if I go into pricing models like this, if I click on Edit, there's this button in the right here where I can view the markdown. So you'll know that Markdown I've taught you this is a particular form of language that HTML, for example, understands. And it means that we can start to frame our prompts with emboldening certain bits using headings and so on, because that helps to make the prompt more clear to give the longer it is. And ChatGPT and other LLMs understand markdown. They understand that if something thinks in bold, for example, it's really important when you give it the instruction. So, you know, I'm a big fan of markdown. And Trello, which I use for the prompt library, allows us to access a markdown version. I can then just click Copy, which I've done. I can go back to ChatGPT and I can just do Control V to paste it now with all of these prompts, because I turn them into templates. You may remember from Leading Edge when I teach you prompt engineering is I love templates. This is, as you will see, this is a long prompt. These are long prompts I've spent. It typically takes me an hour to write a prompt for you, about an hour's worth of work to write it, test it, tweak it, make sure it's working really well. And as I've said before, the reason they're long prompts is because the more information, the more you create, clarity, specificity, the more you put guardrails on the prompt, the more predictable the outcome's going to be. So that's why I spend a lot of time and this is worth doing if you want to create a prompt that you're going to reuse over and over and over again. And so the way I do it is I use variables. And so this particular prompt and I always put the variables at the end. The variables are at the end. So usually. And there's instructions on the Trello board that tell you what to do for the prompt. Let me just show you. If I just go back to this prompt and if I go to the bottom.

In the bottom is instructions and it tells you what to do. Right? Let's go back to here. This particular prompt is really simple. It only has one variable. It is number, and it defaults to five because it's going to give you five pricing models for this particular client. You could have more than five if you want. I think five is about the right number, but you could change it. So let's go to the top, then let me walk you through the prompt. And then let's see what it does. So I'm going to go the format of the way we do prompts is, as you know, pretty consistent. So I'm not going to go through them all in as much detail as this first one, but I do. I will explain this first one in detail. You'll see that we always start with in most of the prompts we provide for you, we start with the role that we want ChatGPT to play because we know through prompt engineering we know that large language models play a role of a helpful assistant. That's ChatGPT is a helpful assistant and it does a great result as a helpful assistant. But if we ask it to play a more specific role, then we found it gives a better and more detailed, more nuanced answer. In this case, you are an expert in pricing strategies with a deep understanding of pricing models and their applicability for various businesses. So giving it that role, it's now going to give a result, an output, as an expert in pricing strategies would do, which would be a little bit more detailed and better than a helpful assistant. So you'll notice when you look at these, there will be a role and they're not always the same because it depends on the task that we're giving. So during this you'll notice perhaps that the role sometimes changes. Then we have a task, we give it a task to do. In this case, we want it to review a list of pricing models. And the way I do these prompts is if I put something in square brackets, it means that I've got a separate section further down with a heading where I list the pricing models. So you will see further down if I just scroll down, I have pricing models. And one of the things that makes these prompts long is because I've built into the prompts some of my 20 odd years of teaching value pricing. And so there are, I forget now, something like 40 odd pricing models. I've listed the 40 odd pricing models in the prompt because I want to make sure that ChatGPT is aware of these pricing models and considers all of them for our particular client. So the task is to review a list of pricing models. 40 odd pricing models that I will provide. That I'll provide, which is below. And you are to identify the five, because that's the number, the five pricing models most likely to benefit this business. So this is the powerful thing you see, you could go through those pricing models and unless you've got a huge amount of experience, you might struggle to think, well, which one should I recommend to My client. And you can go through them with your client, all 40 odds. But I think it's going to be a more effective meeting if you can say to the client, I've been doing some thinking.

And so, and so this what it does, it reviews based on what it knows about the business. Because we've told it now and those models it will now identify what are the five and I've told it then some more specific things. I want it to for each strategy that it gives. For each of the five it gives, I want it to say why this strategy is likely to work effectively for the business, what are the key steps to take to implement the strategy successfully. And an example of a well known business that uses this pricing model. And that's what I want to include. And so then just to create clarity still, because the more clarity we create in our prompts, the more likely we'll get the result that we want. So the detailed instructions are review the list, carefully examine the list of pricing models provided, select the top five models, identify the five pricing models most likely to benefit the business, explain why, then outline the key implementation steps and then give an example. And then we've got some outcome expectations.

And this is, you'll know from prompt engineering I teach you. Sometimes we want to highlight specific things. And the reason for that is as you build longer prompts and this is a long prompt because I'm giving it 40 odd pricing models. And one of the problems of a long prompt is the longer the prompt, the more likely that ChatGPT will forget something. It's just the same as with when you delegate to a team member. If you ask a team member to go away and do one thing, they'll perhaps come back and do that one thing as you've asked. But if you ask them do five things, they might, as they go about their tasks, forget one of them because they're just forgotten and they do four. So we can remind important things, specific things, and then we have the pricing models and then we have the variable. Okay, I'm not going to go through the pricing models because there's 40 odd of them. We have other training on that. But I will look at which ones it thinks are the five. So there's the prompt. So I know I spent a few minutes, all you need to do was copy and paste. And if you're happy with five, all you do is hit this button and the job's done in probably about 60 seconds. So here we go.

It says here are the five pricing models. Number one, it's Suggesting the that number one is the base price plus optional add ons. So that is, it says here the business offers personalized experiences that can vary significantly in scope and customer preferences. This model allows for a customizable approach where the client pays for a base service and can add in extras like exclusive wine, private tours or gourmet food pairings. And then it's got the implementation steps and it's got an example. Like airlines often use this model by charging a base fare with optional add ons for baggage, seat selection and in flight meals. So I've asked to give examples because that then helps when you explain this. It may be the client doesn't understand it from the explanation, but once you say another example you've come across like airlines offering extra for the seat allocation, suddenly the client goes, oh, that's what it means. And then the client will be able to decide whether that makes sense for their business or not. In this case it would, it's not the one that I would choose because I think there's a couple of other ones that I think will be better. So it's suggesting monthly membership or subscription. This is of all the 40 odd pricing models, the one that I find is most applicable to most businesses and can be a complete game changer. Memberships businesses, subscription businesses are really powerful right now. So the wine club is a core offering and a subscription model can provide steady revenue while building customer loyalty. Members are likely to value the consistent access to exclusive events and wines. This is the steps that you'd want to implement. And you could share the example of Netflix as an example. Then we've got demand based dynamic pricing. So wine tours and events are subject to seasonal fluctuations in demand. So dynamic pricing can maximize revenue during peak seasons and attract customers during off peak times. We've got some implementation steps we could talk to with the client. And then an example is Uber, which employs demand based pricing because the fares go up all the time depending on the demand for taxes at that point in time. So that might be a strategy to test out in the business. Then we have menu pricing and.

This is where we give a choice of three different packages. And this is the one that I know Nora in her business she's really interested in because she's just started a wine club with one option and we're talking about, well, why not give three different options? Really, really powerful. And I'm going to show some prompts later for how you exactly you do that. And examples, there's examples in there as well. And then finally we've got the all inclusive bundle pricing, which is another option, but that's a really powerful prompt. Within just less than 60 seconds you can create.

A great set of answers that you can then run through with the client. Okay, I'm just going to pause there. I hope you found this valuable so far. This is not the entire session, it's the first part of the session. If you are enjoying this and you want to get access to part two, then I've put below how you can access the second half of this session. So go and click on the link and you can grab that. Bye for now.