Innovation in Pricing is What the Economy Needs Right Now
April 20, 2023
Pricing is a key factor in reaching customers. The cost is among the first indicators for buyers to know whether it is worth their time and investment to purchase what you are selling.
Selling and marketing any product or service these days requires companies to keep in mind change is constant, and the evolution in consumer expectations, where two-thirds of customers expect companies to understand their unique needs and expectations, means that businesses must find ways to offer customers the pricing they seek while also turning a profit.
Given how important pricing is to the bottom line, it is surprising how many businesses still struggle with knowing whether or not their pricing strategy is on track and how that disconnect might be affecting overall revenue. While business leaders know revenue is simply income generated from the sale of goods and services, selecting the perfect pricing strategy is not simple.