Pricing for Profit: How to Command Higher Prices for Your Products and Services

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Few businesses are compensated well for the value they provide. Published September 9th by Amacom first published September 1st To see what your friends thought of this book, please sign up. To ask other readers questions about Pricing for Profit , please sign up. Lists with This Book. This book is not yet featured on Listopia.

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This book contains a quite a bit of good information, the bulk of which comports well with other pricing books I've read recently. That said, as the title implies, this is more about "how" and a little "why" to convince the many who are reluctant ever to raise prices than "to what," more strategy than tactics.

There are no price elasticity curves here, no calculus, just some examples with little real math mostly aimed at demonstrating what the increased profit would be taking all major factors This book contains a quite a bit of good information, the bulk of which comports well with other pricing books I've read recently. There are no price elasticity curves here, no calculus, just some examples with little real math mostly aimed at demonstrating what the increased profit would be taking all major factors into account.

The "how" focuses mainly on giving customers options, bundling techniques, relative pricing i.


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At the same time, all of this struck me as more useful for the established business, and less so for the initial startup phase though not useless there either. For such a case, I would recommend covering Setting Profitable Prices first, or instead—its more expensive and harder to find, but has far more exercises geared toward setting, rather than changing, prices, and the sort of market research that should be part of any good business plan to begin with, along with formulas and spreadsheets to work it all out. Pricing for Profit would then be more useful for tuning the results from the latter, and applying to or deciding whether and how to hire one's salesforce.

Dec 29, Ben Love rated it really liked it. This is a very simple book and it does more than I think it portrays on the cover. Breaking down what people buy, why they buy it and how — it handholds the reader through a logical and understandable path to quantify all the intangible elements there are to selling and buying.

Oct 24, Robert rated it liked it. Helpful for an entrepreneur thinking about how to price a product and sell it.


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So how do you widen the user base and grow sales without diluting profit? Smart brands figure out ways to command a price premium.

Commenting on a recent survey that found 88 percent of U. Consumer Products leader, stated that many name brands suffer "from a crisis of the similar," giving consumers no compelling reason to choose their product instead of a store brand. Creating a perception of difference may seem difficult in today's competitive environment, yet BrandZ finds that four out of 10 brands around the world manage to differentiate themselves to a significant degree.

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How Smart Brands Command A Premium Price

Innovation, the type that produces a step change in product performance, is still the most effective way to build competitive advantage. Tide Pods and Singapore Airlines are good examples of brands that have used product innovation to improve premium perceptions and justify prices. By framing perceptions of value premium, brands can gain competitive advantage over cheaper brands provided the claim is defensible and not undermined by consumer experience. For instance, in face of competition from cheaper razors, Gillette chose to improve perceptions of value with advertising dramatizing the fact that one ProGlide blade can last for up to five weeks.

A single-minded focus on functional advantage and value perceptions may be enough to create a short-term boost, but to support the brand in the longer-term you have to build an emotional connection as well.

Pricing for Profit: How to Command Higher Prices for Your Products and Services

Les Binet and Peter Fields analyzed IPA ad effectiveness award entries and found that more emotionally engaging advertising outperforms rationally based campaigns by a factor of two in terms of profit effects over a three-year time frame. In the previous POV, I highlighted how Bega cheese shifted the focus from prices to brand values in order to sustain its price premium.

Bega staved off intense price competition in the Australian market by emphasizing the authenticity and provenance of the cheese with ads featuring dairy farmers from the New South Wales town of Bega. The advertising resonated strongly with Australian consumers and deepened their affection for the brand.

Even when dealing with price-sensitive consumers or a heavily discounted product category, smart brands can usually create the opportunity to keep a little more profit than other brands. In addition to above-the-line support, they aim to incentivize buyers in ways that do not include direct price discounting, relying instead on added value promotions, layaway plans, monthly payments, and loyalty schemes.

Irrespective of how the redesign impacts flyers in-flight experience, Singapore Airlines sends a clear signal that they perceive themselves as a luxury brand by teaming up with BMW.

How Smart Brands Command A Premium Price

It justifies a significant price premium through locating those stores in upmarket areas, offering unique desserts, and selling wedding cakes designed to appeal to wealthy celebrities. For Johnnie Walker, special blends and gift packs offer the chance to ask a higher price for their well-known brand. Mechanisms like these are designed to build credibility around a brand's premium positioning, making it easier for consumers to justify why they are paying a higher price for the brand.