It’s no secret that pricing is a key consideration for any product—both for marketers and consumers. In fact, a 1 percent increase in pricing power outstrips what you can do through other methods, like reducing costs or increased efficiencies.
So when it comes time for brands and companies to create pricing strategies, there’s an array of factors they need to consider to ensure that that prices align with consumer needs and position products for success on the shelves. As Jason Green, managing director at The Cambridge Group explains, there are three key things companies can do to realize optimal pricing power.
- The Power of Pricing, April 22, 2014