Introduction

Yes, it's that old chestnut again - price. Everything was going so well in the negotiations and then the issue of price came between you! It's the one objection that can paralyse the sales process. You want this sale badly so you do what comes naturally - you offer a discount on the price. Think again my friend!

There are plenty of books out there on the subject of pricing - it's true, some more readable than others! Try these 8 recommended books for size:

We have shown previously that blind spots in your sales process can be costing you thousands, if not millions. But what happens when a company overlooks pricing?

When in business it’s imperative to maximize profits to stay ahead and afloat. Product, place and promotion afects costs but price is the only element that affects revenues and thus a business's profits. A smart pricing policy will have a massive impact on your bottom line - a one percent increase in price (for most companies) for instance often results in a 10% or greater increase in profits.

Well, don't follow the example of the head of a US pharmaceutical company who got the whole price increase issue so very wrong recently. His company, Turing Pharmaceuticals acquired the rights to Daraprim in August; they then proceeded to raise the price of this 62-year-old medication used by Aids patients and those with a compromised immune system by a staggering 5,000%. A dose of the drug increased overnight from $13.50 to $750.

Price Elasticity is a measure of the relationship between a change in the quantity demanded of a particular good and a change in its price. Price Elasticity of Demand (PED) is a term used in economics when discussing price sensitivity. The formula for calculating price elasticity of demand is:

Price Elasticity of Demand = % change in Quantity Demanded / % Change in Price

If a small change in price is accompanied by a large change in quantity demanded, the product is said to be elastic (or responsive to price changes). On the other hand, a product is deemed inelastic if a large change in price is accompanied by a small amount of change in quantity demanded.

It is clear that software is here to stay, yet according to the latest analysis from Women in Science and Engineering (Wise) of UK labour market statistics, women make up just 12.8% of the STEM (Science, Technology, Engineering and Mathematics) workforce. The proportion had increased by only 0.2 percentage points since their analysis in 2012. Half of all gamers are women - but only four percent code them. Only seven of the richest 100 tech billionaires are female.