Prices should be set at what customers are willing to pay based on the benefits your products or services provide. This “value-based” approach to pricing will produce higher profits than the old-fashioned cost-plus approach.
That’s the view of Ron Wood of Pricing Insight who talks to Phil Dobbie about getting your price right. He explains how you can arrive at the optimum price through “voice of customer” research, understanding the elasticity of your product category and by learning from your competitors’ price experimentation.
Click on “Play” above to hear the podcast.
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