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Costs Are Up, Now To Sell the Price Increase

March 2011 Pricing

Executives are living in a time of strong market disruptions that are driving costs up across industries. The recession already squeezed the potential for productivity gains to make up for the lost margins. Now, for many executives selling tangible goods, it is time to push the price lever up. How should they raise prices? Read for the two keys to raising prices successfully.

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Why focus on pricing?

By: Special Guest Author Patrick J. Taylor
March 2011 Pricing

The chances are high there is very little left you can do to cut more costs and drive worker productivity. We must turn our focus towards increasing revenue in order to improve profitability. The only realistic way we can increase our price is to do so by driving our “average price” up. In other words, by selling more of the products and services our customers’ value and making sure we are priced as high as our next best competitor plus or minus the added value we bring. This article takes you through why pricing is your next most important area for focus and provides a glimpse into what we mean by raising price.

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It’s March. We all are Irish for a Day. Drink some Guinness. Enda Kenny needs the boost to the Irish economy.

  1. Good performance isn’t good enough. What will you do next?
  2. Bundle Pains, Unbundle Gains.
  3. The mermaid is a complex design, and most customers will recognize this symbol as “the coffee Yesterday is over. Deliver tomorrow.
  4. Take your price increase all at once, and do it publically.
  5. Hope is intangible. Nurture the hope. Live in the reality.
  6. Slainte. (That will be 5 euros please.)