One of the greatest problems that businesses face is getting the pricing strategy right. This article explores the three key factors; all companies need to consider when getting this vital element on target. Missing only one of the three can have disastrous consequences.
As with everything, it does not take rocket science to get this right, however one slip, could seriously damage your bottom line. The three factors, equally weighted are as follows:
The value that your customers put on your product and service
Will you make a profit?
What your competitors charge for the same or equivalent
So how do we define customer value?
Value is what a purchaser gets when they make use of your product or service. It is the figure that they put on, their new capabilities. Ones that you have delivered to him through ownership of what you sell.
Value is not always quantified in monetary terms. A golfer may go to a professional, get three lessons, and knock 10 off their handicap so what is that worth to them? If they had previously spent 5,000 on lessons and still been awful, it could be worth an awful lot.
The most important...
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