The Truth About Pricing - Supporting Materials

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Pricing Mastery Checklist

Throughout The Truth About Pricing, there are quite a few tasks, steps, activities, and prompts to help you on your journey to pricing mastery. This checklist will allow you to follow along throughout the book and complete each section. This document is set up so you can use it yourself locally (by setting up a free account with Coda) and not have it impact the full template. Feel free to check boxes, write throughout, and use it however you need!

PART I: SETTING THE STAGE

Chapter 2: How To Use This Book

Connect, Share and Get Your Freebies:

Here are some options to stay connected (no pressure!) We would love to hear from you.
Tag and follow @thebrainybiz on Instagram, X/Twitter, Facebook
Tag and follow “Melina Palmer” and “The Brainy Business” on LinkedIn
Follow #TruthAboutPricing
Use #TruthAboutPricing to share insights, success stories, and anything else that has you inspired!
Follow #PricingQuestion on your favorite social channels
Use #PricingQuestion to ask Melina questions on social media and see what others are asking (and her previous answers)

Chapter 3: Pricing, Placement, and Psychology

Consider (and remove) distractions

What might get in your way and disrupt your flow?
How might you create a ritual to get you into (and out of) “work mode”?

Choose your note-taking method.

How will you take notes?
If physical, where do you keep the notebook handy?
If electronic, where is it? What is the name of the file?

Become a curious questioner.

Where will you save your insights? You want to make it easy to find and scan through later. List out how you will save each type of insight:
Emails:
Photos (I take lots of pictures and screenshots while traveling and need a good system to be able to get them easily later):
Screenshots (if you have multiple sources — desktop, iPad, phone — have a plan for each):
Thoughts:
Other

PART II: BUILDING A FOUNDATION

Chapter 4: You

Choose your business type.

Is your business one of
Quality or
Value
Why?
Why not the other?
If you aren’t sure yet, when will you revisit and decide?

Reframe limiting beliefs.

Day 1: Spend at least 30 minutes writing all your preconceived notions and beliefs about pricing.
Day 2a: Review your list. Spend at least 15 minutes adding to it.
Day 2b: Reframe each item as a question to ask or statement to help you realize this isn’t necessarily true, using the table below.
Known Truth
Reframe It
Proof It's Wrong
1
No one would ever pay more than $XX for this
“What would make people value this so much that the price didn’t matter?”
Supreme Pyrex measuring cup, brick, etc.
2
3
4
There are no rows in this table

Chapter 5: The Customer

Understand your ideal customer.

Ask lots of questions (What magazines do they read? Where do they hang out? What brands do they love? If they were a car, what make and model would they be and why?) For more examples, see chapter 5.

Understand the experience.

When you consider your product/service/offering — where does this fall in the overall experience the customer is undertaking? HINT: don’t just think about what they do with YOU, because their experience is much bigger than that.
Plot the points on the Nudgeability Quadrant (as a reminder, it looks like this:)
NOTE: remember these are micro-moments, so you want to break them down to their smallest components.
Image 4_Nudgeability Quadrant.png

Stay on their radar.

How might you connect with your customers before and between purchases?

Find stories and ask for testimonials.

List at least five customers you can reach out to:




Are there staff you should reach out to first?
Yes
No
If yes, who?
Create a template (keep it simple!) asking for a story and/or testimonial.
Send those initial requests!
Where will you keep the feedback when you get it?
Schedule how often you will ask for stories and testimonials.

Stay curious.

Schedule out time for your team to add to the insights about your customer and ask more questions. This could be weekly (asking 5-10 new questions) or daily (1-2 new questions).
Where will you store the insights?
HINT: be sure to include the name of who added the insight and notes for WHY they put that there and what they mean by it.
BONUS TIP: Consider using video tools or voice notes to make it easy for people to share their thoughts more organically and not worry about writing it out. You will also get the added benefit of vocal inflection, gestures, etc. You can link to those in your spreadsheet.

Chapter 6: The Market

Identify customer habits.

Revisit the Nudgeability Quadrant and list of micro-moments. Add in the habits and brain chemicals that might be important, as well as the cues that might trigger their behavior.
Habit and Chemicals
Contextual Cues
Why It Matters To Us
Where We Might Fit In
1
Daily chai tea latte (dopamine)
Drive by starbucks each day
A lot of people say they don’t ahve enough money to pay for a nutritionist, this is a good place to cut calories and expenses.
Once they are in the line it is too late (not very nudgeable) so we need to message before and/or after. Maybe a radio ad or some geofenced ads near the Starbucks?
2
3
There are no rows in this table

Identify the competition and potential partners.

Evaluate your top five moments from the previous tasks and consider who the competition is at those points. List at least five competitors for each moment — no more than two can be direct (obvious) competitors.
Business Name
Status
Website
Pricing Model
Notes
1
Open
2
Open
3
Open
There are no rows in this table

Where will you keep this list?
What is the name of the document?
Schedule a time review and update it.
Who is responsible for that task?

Identify timelines and milestones.

Remember the fresh start effect — what moments matter? Age? Birthday? Time of year? Special events? Payday?
What is the name of the document and where is it saved?
Who is responsible for keeping it updated?
When will you review and update it?

Chapter 7: The Company

Complete the “mug” game.

Brand
First Word That Comes To Mind
Price of Their Mug
What Makes Their Mug Unique?
1
Costco
2
Disney
3
Louis Vuitton
4
Walmart
5
Apple
6
Netflix
7
Tesla
There are no rows in this table

Reconfirm your brand type.

Which are you?
Quality or
Value
Why?

Consider your model.

Which are you?
Membership
Subscription
Buy when you need it
Mix
Explain:

Consider your discount plan.

Do you offer discounts?
Why or why not?
If you said yes, what if you didn’t?
What types of discounts do you offer? Why?
What ones will you not do? Why?
How long will they run?
When will they end?

Consider a satisfaction guarantee.

If you were to offer a satisfaction guarantee, what might that look like?
How could you make one work?
Where can you showcase it to help your potential customers feel good about buying?
Will you offer a satisfaction guarantee?
What are the important parameters?

Chapter 8: The Offer

Consider your options.

What do you want to be known for?
What is the pain point this product or service is going to alleviate for the customer?
If would will only get one thing from you, what should it be?
Complete the meeting with your stakeholders outlined in this chapter.
What is your agreed upon focus area from that meeting?
When will you follow up?
Who is responsible?
Any important notes:

Choose your focus.

What is your best offer?
Why is this your most important thing?
What would be most likely to distract you?
How will you keep yourself from getting distracted?
Who will hold you accountable?

Chapter 9: The Numbers

What do you really need?

Answer the questions based on the type of business you are. There is an in depth explanation of each in the chapter if you need it.
SERVICE-BASED BUSINESSES
How much money does your business need to make this year?
How much would ideally come from the offer you are focused on now?
Ideally, how many hours would you work per day or week?
How many clients can you realistically work with in a day/week/month and do your job well?
How many clients would you have per year if your schedule was filled to your maximum desired capacity?
Divide the revenue you need to generate next year by the number of clients—how does that compare to what you are currently charging (or were planning to charge, if this is a new venture)?
How many new clients are you looking to add per month (or over the year) to hit your numbers?
PRODUCT-BASED BUSINESSES
How much money does your business need to make this year?
How much would ideally come from the offer you are focused on now?
Ideally, how many hours would you work per day or week?
What is the realistic quantity of products you can create or package daily, weekly, or monthly without compromising your well-being?
How many units can you sell per year?
Divide the number you need to make next year by the number of units you can sell—how does that compare to what you are currently charging (or are planning to charge, if this is a new venture)?
How many monthly (or annual) sales do you need to hit your goals?

Look forward and backward.

Step 1: Take at least 15 minutes to consider what you want your business to look like 5 years from now. Really take the time to imagine...if everything is flourishing and you are living the dream—what is that like? How many customers or clients do you have? Where are you selling? What are your days like? Do you have a team, are you a solo operation, or are you using contractors? How much free time do you have, and what are you using it to do?
Step 2: Are these responses you gave in the questions above leading you to where you want to be five or ten years from now? If not, what needs to change?
Step 3: Reflect on everything you have done up to this point. Now that you have looked at the numbers you plan to charge, does your pricing align with the customer you are targeting and what they value? Or with how you plan to brand your company? If anything is off, take the time to revisit whatever areas need to be tweaked to fit your goals. It could be any (or all) of the sections. Ideally, you have learned some things along the way that can inform some of the decisions you made earlier in the process. Take some time now to see where adjustments should be made so you feel really good about how everything is aligned before you proceed.

PART 3: APPLYING IT

Chapter 10: The Framework

Choose your priming words and image inspiration.

Review the full list of priming words in the chapter. List your top 10 words:









Search each online (what images come up? use them as hashtags, do you like what you see? check the thesaurus for related words that you might like better)
Select your top 3 priming words and an image for each.
Word
Explain the Image
Link To Image
Notes
1
Open
2
Open
3
Open
There are no rows in this table

Choose up to three social proof tactics.

Seven main categories: Customers, Experts, Celebrities/Influencers, Masses (Wisdom of the Crowd), Friends/Personal Connections (Wisdom of your Friends), Certifications, Earned Media
MY RECOMMENDATIONS BY BUSINESS TYPE:
Value Businesses: masses, customers, friends and personal connections, earned media.
Quality Business (LUXURY): celebrities and influencers, friends and personal connections, earned media
Quality Business (KNOWLEDGE, EXPERTISE, SUSTAINABILITY, CSR, R&D, INNOVATION, ETC): experts, certifications, friends and personal connections, earned media.
What types of social proof will you use, and how will you leverage each?
Type of Social Proof
What Could You Do?
Where?
Notes
1
Open
2
Open
3
Open
There are no rows in this table

Get them talking.

Use the peak-end rule to evaluate your experience.
What are your negative peaks? How can you remove/reduce them?
What are your positive peaks? How can you boost them up?
How can you incorporate surprise and delight?
What is your true end? How can you make it just a little better?
TIP: Revisit your notes from Chapter 5 (Asking for stories and testimonials). Use the template you drafted then to ask for testimonials once you have the experience optimized (at least remove the negative peaks first, as explained in the book).

Get the brain to take ownership.

Quality brands — how can you be part of their identity? Look for ways to be part of someone’s “I am...” statement.
Value brands — how can you create FOMO?
Do you have any times where you are overpromising and underdelivering? How can you clean those up and look to flip from the rage of loss aversion to the benefit of surprise and delight?
How does loss aversion come into play with any items you may be discontinuing?

Find ways to give generously.

How can you incorporate reciprocity into your brand? Make a list with at least 27 items (get creative! use inspiration from the book).

Find and incorporate your scarcity.

Four types: time (“today only,” “flash sale,” and special coupons), demand (“sold out”), supply (limited quantities, small batch production, high-quality items that are sustainably sourced), and/or limited editions (holiday prints, nostalgic colors).
MY RECOMMENDATIONS BY BUSINESS TYPE:
Value Brands: time, demand, limited editions
Quality Brands: supply, demand, limited editions
Type of Scarcity
What Could You Do?
Where?
When?
Notes
1
Open
2
Open
3
Open
There are no rows in this table

Say it another way.

Find a way to try out each of these reframes for your best offer. Even if you don’t end up using them, it is good to practice and see how it could work.
Make it a gift:
Find the rhyme:
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