Setting your prices right and retaining customers can be hard. However, get your pricing strategy right and you’ll be able to see both improved customer retention and increased revenue.
Sales are fundamental to a company's success. Unfortunately, many companies do not consider the possibility of using pricing to accelerate their sales and win more customers.
Below are a few pricing ideas you can use to drive sales at your company.
More and more companies are building pricing teams. These pricing teams effectively act as internal pricing consultants and are the "go-to" guys on how to apply pricing concepts - they understand both the pricing systems used within the company and the corporation’s objectives and how pricing contributes to achieving the required goals.
Topics: Pricing Team
It's the supermarket success story of the year – sales at German discounter Aldi have risen above £8bn in the past year, which is up by around 13% on last year's figures. It's definitely not the same joyful tale for Tesco, Sainsbury's, Morrisons et al who have seen much smaller growth for 2016. Asda, which has always prided itself on being the “cheapest” of the big supermarket chains saw a growth of only 1% last year.
According to Jack Welch, the former CEO of General Electric (GE) “if you don’t have a competitive advantage, don’t compete”. In a nutshell, he meant don't bother getting into the fray if you don't intend to win!
Electrical World, a Northern Ireland based company started from humble beginnings and has quickly risen to be a leading independent electrical appliance retailer of CCTV, heaters, fans, lighting, lamps and wiring accessories.
It's an unwelcome fact that the value of the pound has slumped since the Brexit referendum. The pound has seen a decline of almost 9% against the euro since April this year and 12 % since the Brexit vote.
It can be a complicated business getting your ecommerce pricing right - online products and services are basically worth whatever people are willing to pay for them. So, how do you find out what your customers will think is a reasonable price?