Smart Ways to Raise Prices Presented by Scott A. Riccio Of NorthEast Trailways Lewiston, Maine

How Do You Raise The Rates? First things first… Understand the economics of your company What is the make up of your companies expenses?

The Business You’re In Understand your market – Is there a high season, Low season? Busy on the weekend? Not so busy mid week or vise versa. Rack vs. + 20% increase vs. 20% discount Where do you want your margin to be?

The Business You’re In Is your area already sold out of equipment? Supply and demand equals increased rates for your company

Sell Your Company Give the customer a reason to select your company What are your value added services?This is your chance to impress them!

Sell Your Company Are you publicizing what else the company and its employees do besides transport passengers? Wi-Fi, 110 outlets, satellite TV, GPS, XM Radio, extra leg room in a particular coach, etc. Company awards, recognition, how does your company give back to its community?

Sell Your Company If the potential customer has done their homework, they have already looked at your web site and checked with someone they know that has used your services in the past.

Now You Are Ready To Sell Be diligent and listen to the customer. – Ask questions. Build a relationship. Can you afford to raise your rate during the dates the customer is looking for transportation ?

Now You Are Ready To Sell Know where your price should be before divulging the quote. Shoot high. Settle for average. Know when low is too low and you are better off leaving the coach in the yard. Don’t be afraid to say “ we cannot offer you a rate that low”. Customers like to tell us what their “budget” is for transportation. Just because a coach is on the road does not mean it is making $$$ Ask for the sale.

Education is Knowledge Knowledge is power Using case studies from a variety of industries, small businesses, and nonprofit organizations, Cross describes no-tech, low-tech, and high-tech methods that managers can use to increase revenue without increasing products or promotions; predict consumer behavior; tap into new markets; and deliver products and services to customers effectively and efficiently. His proven tactics will help any business dramatically improve its bottom line.

After The Sale Check with your customer to see how their experience was? Did we meet their expectations?

After The Sale Send the client a note to say thank you. If you did not get the sale, send them a small card saying thank you for the opportunity.

Thank You Questions?