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February 17, 2017 nº 1,840 - Vol. 14

"Success starts with showing up. It’s hard to catch opportunities without being there."

In today's Law Firm Marketing, 3 ways to raise prices and still keep your clients

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  • Top News

Tony Blair calls for people to 'rise up' against Brexit

Tony Blair is to announce his "mission" to persuade Britons' to "rise up" and change their minds on Brexit. The former prime minister will say in a speech later that people voted in the referendum "without knowledge of the true terms of Brexit". He will say he wants to "build support for finding a way out from the present rush over the cliff's edge". But former Cabinet minister Iain Duncan Smith said Blair's comments were arrogant and utterly undemocratic. Downing Street has said it is "absolutely committed" to seeing Brexit through. Prime Minister May wants to trigger formal Brexit talks by the end of March - a move which was backed in the House of Commons by MPs last week.

UK Supreme Court judge defends Brexit decision

The president of the UK Supreme Court on Thursday defended the court's ruling that only Parliament can activate the Article 50 mechanism to leave the EU. Lord Neuberger, when asked if he felt that politicians were needlessly interfering with a political decision that the nation had made, said: "We were doing what our job requires us to do, which is taking a case ... and dealing with it according to the law, and answering the issues that were presented to us according to the law." Neuberger's public response may have been prompted by media portrayal of the decision and the judges who made it. (Click here)

Trump says he will issue 'new executive action' related to travel ban

On Thursday, the president said his administration will be appealing a decision that imposes a stay on his travel ban — and will also be issuing a new, "very comprehensive order" next week.

  • Crumbs

1 - Anthem sues Cigna to block termination of merger - click here.

2 - Wal-Mart acquires online outdoor retailer Moosejaw for $51 million - click here.

3 - EU parliament backs free trade deal with Canada - click here.

4 - Samsung leader Lee Jae-yong arrested in corruption probe - click here.

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  • MiMIC Journal

China launches app to aid reporting of child trafficking

In China, police are calling for help from the general public to tackle the problem of child abduction and trafficking. A new app is designed to make it easier for citizens to report what they see as suspicious or criminal activity on various fronts.

Why Chinese people won't boycott Trump fashion

Tiffany Trump's endorsement of a Chinese designer is a source of pride for many in China.

China grants Trump a valuable trademark registration

For years, President Trump has been seeking to expand his trademark registrations in China. This week, he won a case. But ethics experts say that raises questions about conflict of interest.

  • Law Firm Marketing

3 ways to raise prices and still keep your clients
By Tom Trush

It was the price increase talked about around the world.

Last September, after Turing Pharmaceuticals acquired the rights to Daraprim, a medication used by AIDS patients, the company raised the price of one pill from $13.50 to $750.

Turing and its CEO were instantly public enemy No. 1. Even members of Congress demanded an investigation into the matter.

While an extreme scenario, too many business owners and entrepreneurs think they'll elicit a similar reaction by just adding a few dollars to their pricing.

Yet you can raise your prices, instantly increase your revenue and still get your clients' buy-in. You just have to be strategic in how you handle it.

Here are 3 ways to go about the process:

1. Eliminate frequent or predictable discounts.

While it's tempting to discount your products or services to increase your client base, doing so can bring big risk.

You see, discounting trains clients to normalize your products or services at a lower rate. So when you raise prices back to normal, the increase seems unfair.

After all, your clients know it's possible to purchase your products or services at a lower rate.

Discounting also deters brand loyalty because it attracts buyers who only make decisions based on price. So they vanish the moment better pricing becomes available elsewhere.

Look at J.C. Penney...

The retailer focuses so much on discounting (even eliminating sales and coupons) that the brand can't keep customers these days.

Also, understand that numerous studies prove people perceive their purchases as higher value when they pay more. So why cheapen what you offer?

Instead, consider adding bonuses to attract new customers and counter objections that might prevent new buyers from trying your product or service.

2. Rebrand to increase perceived value.

It's only natural that a used car dealership's perception is different than a luxury brand such as Bentley or BMW. So why not use a disparity like this to your advantage?

In the mid-1980s, Apple faced near bankruptcy before undergoing one of the most well-known rebranding campaigns in business history. The iMac combined high performance with a new, sleek design that paved the way for what is now a collection of premium-brand products.

Your product design, website and social media accounts are all possible places to start rebranding.

In 2013, Birchbox a subscription ecommerce company for beauty samples, overhauled its website and packaging for their premium rebranding campaign. The logo was updated to with a simpler, more modern look, while an interior "gift" box was added to the packaging with color-coded tissue paper (based on items purchased).

Last year's revenues reached an estimated $125 million.

Keep in mind, as a premium brand, you must also create an experience. Le Labo, a luxury perfume brand, handles this task like a pro.

Each perfume is hand-blended in front of the customer the moment it's purchased. The bottle is then dated and the customer's name is added.

Once brought home, the bottle must be refrigerated for a week before you can use it. This process doesn't just create an exclusive product -- it creates an experience.

So what experience can you work into your product or service -- and could a rebranding effort bring you big benefits?

3. Add your anchor.

A price is only considered cheap or expensive if you have at least one other option for comparison.

So, for example, walk the medicine aisle in Walgreens and you'll notice their own medicines look like a better deal because they're priced lower than the major brands. The additional options create relativity, which is a key component to price anchoring.

Basically, the idea is to offer higher (and, in some cases, lower) pricing to make your ideal option look more appealing. Even better if the higher priced item is seen first.

So let's say you offer a $3,000 watch. Compared to your run-of-the-mill Timex, that's a pricy timepiece.

However, what if you display it next to a similar one priced at $12,000?

All of the sudden $3,000 looks like a bargain.

In his book, Influence: The Psychology of Persuasion, Robert Cialdini tells how a billiard-table dealer nearly doubled his average table sales by using decoy pricing.

Here's the excerpt:

“If you were a billiard-table dealer, which would you advertise -- the $329 model or the $3,000 model? The chances are you would promote the low-priced item and hope to trade the customer up when he comes to buy. But G. Warren Kelley, new business promotion manager at Brunswick, says you could be wrong.... To prove his point, Kelley has actual sales figures from a representative store.... During the first week, customers...were shown the low end of the line...and then encouraged to consider more expensive models -- the traditional trading-up approach.... The average table sale that week was $550.... However, during the second week, customers...were led instantly to a $3,000 table, regardless of what they wanted to see...and then allowed to shop the rest of the line, in declining order of price and quality. The result of selling down was an average sale of over $1,000.”

Again, you simply condition your prospects to higher prices from the start, which then psychologically makes them more responsive to your lower-priced products and services.

Try one or two of the ideas shared here -- or combine them all -- and you're almost certain to increase your average sales and overall profitability.

Tom Trush is available at http://www.writewaysolutions.com

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© Trey Ryder
FREE LAWYER MARKETING ALERT: If you'd like to receive Trey Ryder's weekly Lawyer Marketing Alert, send an e-mail to Trey@TreyRyder.com. Write "Subscribe LMA" in the subject line and write your name and e-mail address in the body of the message.

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  • Historia Verdadera

Odebrecht

Fiscales de 11 países se reunieron este jueves en Brasilia, Brasil, para analizar el escándalo de los sobornos de la constructora Odebrecht. Los procuradores se comprometieron a promover la constitución de equipos conjuntos de investigación, bilaterales o multilaterales. (Presione aquí)

Extradición

Perú presentó a las autoridades de Estados Unidos un "pedido complementario" para detener y extraditar al ex presidente Alejandro Toledo, quien es acusado de recibir millonarios sobornos de la constructora brasileña Odebrecht. Autoridades estadounidenses habían requerido más evidencias antes de ordenar la detención del ex mandatario peruano.

Inversiones

La automotriz estadounidense Ford mantiene sus planes de abrir este año dos plantas de producción de autopartes en México, anunciadas en 2015, pese a la sorpresiva cancelación en enero de una inversión de US$ 1,600 mlls para una nueva fábrica en San Luis Potosí.

  • Brief News

Inside the White House, Trump changes his tune on leaks

Leaking classified information is a crime, but it's also one of the most popular sports in Washington. Candidate Trump encouraged leaks. President Trump calls them a crime.

Facebook manifesto to re-boot globalization

Mark Zuckerberg has revealed deep-seated concerns that the tide is turning against globalization. The Facebook founder said that fake news, polarized views and "filter bubbles" were damaging "common understanding". He said people had been left behind by global growth, sparking demands to "withdraw" from the "connected world". In a call to action, he said people must not "sit around and be upset", but act to build "social infrastructures".
"When I started Facebook, the mission of connecting the world was not controversial," he said. "It was as if it was a default assumption that people had; every year the world got more connected and that seems like the direction things were heading in. "Now that vision is becoming more controversial."

Trudeau praises Ceta as 'blueprint' for trade deals

Trudeau says his country's Ceta trade deal with the EU will help middle-class families and set the standard for future trade deals globally. Addressing the European Parliament, he called Ceta "a comprehensive blueprint for responsible economic co-operation". MEPs approved Ceta on Wednesday, after nearly eight years of negotiations. Most trade tariffs will be removed. But critics say Ceta could erode hard-won welfare and environmental safeguards. Trudeau said: "Some people are worried that the current system only benefits society's narrow elite - and their concern is valid." But Ceta, he argued, "will result in the creation of good, well-paying jobs for middle-class workers. It is seen as a possible model for a future EU-UK trade deal, as the UK heads towards exit from the 28-nation bloc.

Austria to sue Airbus over Eurofighter contract

Austria is to sue Airbus and the Eurofighter consortium over a 2 billion-euro (£1.7bn) deal to buy Typhoon warplanes. Its defense ministry said that following an investigation it believed Austria had been misled over the purchase price. It could sue the two companies for 1.1bn euros, for the difference in price between the Eurofighter and a cheaper option. Airbus said the allegations had taken it by surprise and that it was "a political maneuver". Airbus and Eurofighter charged nearly 10% of the purchase price for offset deals, which involve work for local contractors, said the defense ministry's report. This should have been charged separately, it said, and means it is suing for at least 183.4 million euros. (Click here)

Brazil Judge lift 'gag' on newspapers

A high court judge in Brazil has overturned a ruling that banned the media from publishing information about blackmail attempts against President Michel Temer's wife. Two leading newspapers had been forced to remove reports of messages exchanged between Marcela Temer and a man convicted of hacking her mobile phone. The hacker demanded money for withholding information. The judge said the news blackout violated freedom of speech. (Click here)

Hanjin: Final curtain falls on shipping saga

This Friday, the firm was declared bankrupt by a South Korean court after months of uncertainty. Hanjin's collapse is the largest to hit the shipping sector and it sent shockwaves through the industry. For years, the global economic downturn had affected profits across the cargo shipping industry. It led to overcapacity, lower freight rates and rising debt levels. Crippled with $5.4bn in debt in August 2016, the company failed to get any more money from its creditors. Hanjin went into receivership and applied for court protection.

Montenegro revokes immunity for lawmakers connected to coup

Two members of the Montenegrin parliament were stripped of their immunity Wednesday after facing accusations of involvement with an attempted coup. The lawmakers, Andrija Mandic and Milan Knezevic, are part of the Democratic Front (DF), a pro-Russian group that has firmly opposed the country's plan to join NATO. The decision faced public backlash and was subject to protests. A press release for parliament stated that the session was "conducted in a lawful manner, in full compliance with applicable regulations, and that any other interpretation represents the most brutal form of political manipulation."

Sweden court issues life sentence to Syrian opposition fighter

The Stockholm District Court on Thursday sentenced a former Syrian rebel fighter to life in prison for his participation in a mass execution of seven men in 2012. The defendant, who had permanent residence in Sweden, argued that the executions were carried out in accordance with the court-ordered death sentences issued for the men. Those executed were soldiers under the Syrian regime. The Swedish court struggled with the notion of legitimate, non-governmental courts being created under the conditions of an armed-conflict. However, the imposed life sentence was ultimately determined based on the proximity of the initial capture of the men to the subsequent execution. The soldiers were killed two days after their capture. The court ruled that the defendant had committed serious crimes in violation of international law because the soldiers could not have received a fair trial in a matter of days.

Court rejects Florida's 'Docs vs. Glocks' law

A controversial Florida law that restricted doctors from asking patients about firearm ownership violates medical professionals' constitutional right to free speech, a federal appeals court ruled Thursday. The opinion striking down key provisions of the law was the latest ruling in a legal challenge to the so-called “Docs vs. Glocks” law, backed by the powerful National Rifle Association gun lobby. The law quickly became a heated ideological battle pitting gun-rights groups against advocates of free-speech and firearms control.

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