OnDemand WTP Pricing Research

Never An Afterthought: Pricing Is Strategic to Business Success | ExpertClick

Strategic Pricing Maximizes Financial Well-Being

Dr. Maynard Brusman, a consulting psychologist, executive coach, and emotional intelligence/mindful leadership consultant, notes, “Pricing is the single greatest lever you have to improve profitability. Strategic pricing sets a product or service’s price based on the value to the customer or on competitive strategy. Many companies use a Good-Better-Best pricing strategy.”

According to Dr. Brusman, “I have a niche providing executive coaching and leadership development for leaders at law firms and accountancies. They experience a great deal of pressure from the billable hour requirement, and client/firm demands often adversely affecting performance and productivity.”

“Pricing based on an hourly rate is entrenched in the culture and business practices of many lawyers and accountants,” Dr. Brusman advises his clients. “Cultivate the idea of pivoting from a fixed to a growth mindset. Experiment with value-based pricing to generate growth and revenue by choosing select clients and measure results.”

Speed, Experience and Value Override Cost-Sensitivity

“Our most successful clients definitely think about pricing from a strategic standpoint,” points out Lisa Anderson, president of Claremont, CA-based LMA Consulting Group, Inc and manufacturing expert known for creating supply chain resiliency. “In today’s Amazonian marketplace, the customer’s experience is of paramount importance, and those who can tie pricing to this outcome will stand out from the crowd.

“Even in the most technical of industries, value plays an important role. If you can tie pricing to what the customer values, you can price accordingly. We’ve seen the most cost-sensitive customers pay for rapid delivery, a customized experience, and specialized value. With that said, some customers go for the volume play and set their infrastructure and pricing accordingly. Either strategy can work if thought through and well-executed. However, you cannot rest. Keeping an eye on disruptors and proactively positioning is vital to success,” she noted.

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Never An Afterthought: Pricing Is Strategic to Business Success.