Aug 13, 2015
Jon Manning is the Founder and Principal Consultant of Sans Prix and has over two decades of Pricing experience in a wide variety of industries.
Since establishing Sans Prix, Jon (and his associates) have generated millions of dollars in incremental revenue for clients in places such as the UK, USA, India, and Australia.
Increasingly in demand as both a speaker and educator, Jon has spoken at many conferences, workshops, webinars and educational institutions across the Asia-Pacific, the Middle East and the United Kingdom.
In 2011, Jon and Greg Eyres established Pricing Prophets, the world’s first and only online pricing advisory service where clients can ask a panel of global pricing experts and thought-leaders what price to charge for a product or service and why.
Jon holds a Bachelor of Business (Applied Economics) from Deakin University (Australia), a Graduate Diploma of Business (Management) from Monash University (Australia) and a Master of Arts (European Studies), from The University of West London. He is a member of the Australian Institute of Management and the Professional Pricing Society.
In this episode, you will learn:
- why Jon believes pricing is more of an a art than a science.
- why pricing is based on human behavior that no scientific model can predict.
- why there’s no such thing as Adam Smith’s Invisible Hand.
- that 70% to 80% of companies use cost-based methods to set prices and few use a value-based method.
- why customers don’t care about companies who use cost-based pricing and prefer companies that use value-based pricing methods.
- why the best pricing strategy for a company is a value-based method.
- the trials and tribulations of the pricing strategy adopted by Netflix and how it affected its share price.
- how a $40 fine for returning a DVD late led to the founding of Netflix.
- if the best strategy for companies to announce price increases to its customers is to do so a few years in advance.
- how behavioral economics is opening up a minefield of exploration in pricing.
- how Apple used anchoring techniques to sell their iWatch by offering a $10,000 iWatch. It makes the mainstream iWatch appear to be value for money.
- how a $100 omelette was used by a restaurant to act as a decoy so it can influence your decision to pay for high-end or expensive goods.
- and much more.
- Subscribe on iTunes and never miss an episode.
- Join our community of Teachers who want to go online with their own website, podcast and video content.
- Take the Economic Rockstar Survey to be in with a chance of winning a $50 Amazon gift card.
- Thanks for listening. You are an Economic Rockstar!