Excess capacity is the bane of many industries. It can be blessing in disguise, though, once manufacturers figure out how to use it to their advantage without threatening their core businesses.
Are you making one of the three most common Pricing mistakes we see businesses making? If so, here's our advice on how to correct them.
“Value” is an easy word to say in any industry. We all know you have to create it, communicate it, and capture it.
Many Associations and Non-Profits are faced with slowing growth and shrinking margins. But with better pricing, they can serve, not sell and see “Quick Win” pricing opportunities.
Quantified customer research is key to establishing the optimal price point and enables companies to capture more revenue. Companies leading the way in Pricing Strategy regularly conduct extensive Pricing Research. This is especially important in the Fashion industry, where customers' perceived value can far exceed production costs.
In pricing we talk a lot about developing an ‘outside-in’ perspective; the type of perspective that helps you understand what customers are willing to pay for. Pricing research provides critical insight into your customers but watch out for common pricing pitfalls.
Cost based pricing is relatively simple. The simplicity of cost-based pricing is what attracts many companies. But we think companies would benefit from slowing down before adopting such a pricing strategy.
After a recent visit to the barber, I was reminded the importance of a strong value proposition. Here are 3 of the lessons I learned.
Why does Chipotle charge a 200% price premium for their guacamole? We discuss pricing opportunities for the beloved burrito chain.
Good pricing means knowing where your power is. If the value is strong, there is an opportunity either to raise prices or grow share. If the value is weak, pricing must be adjusted accordingly to protect your brand. Otherwise, you risk becoming irrelevant.
