The Price Waterfall is a powerful tool for identifying hidden costs, and shows how much revenue companies really keep from each of their transactions. It can be used to seal margin leakage by identifying areas where prices can be increased, or alternatively to ensure you are capturing more of the price that you already, in theory, charge.
- Contact all of the customers who have purchased from you in the past, but for some reason you no longer hear from or you haven’t called in a long time.
- Ask every customer you have who else they know who could benefit from what you sell.
A premium pricing strategy, also refered to as prestige pricing, involves setting the price of a product higher than similar products. This strategy is sometimes also called skim pricing because it is an attempt to “skim the cream” off the top of the market. It can be a brave strategy to follow, and should only be adopted if the value can be articulated to your customers in at least one of the following ways:
Like any relationship, the one that you have with your boss can have rocky moments, day-to-day business as usual, and times of greatness. But have you ever thought about what your boss really expects from you?
This article aims to provide seven things your boss really wants from you, to help you stop and think about how you could improve that relationship. You may already be thinking, "I am a strong performer", but there is a definite joint responsibility to continually review and build upon existing relationships.