W EEKLY EDITION MAR 21, 2018
10 Tips to Better Pricing: Start Generating New Profits and
Growth on Monday Morning …continued
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Annual Convention and Trade Show Gets Underway in Portland with Rafi Mohammed to Keynote the
Opening Session
Understand that customers have different pricing needs. In virtually every facet of business (product development,
marketing, distribution), companies develop strategies based on the truism that customers differ from each other. However,
when it comes to pricing, many companies behave as though their cu stomers are identical by setting just one price for each
product. The key to developing a comprehensive pricing strategy involves embracing (and profiting from) the fact that
customers' pricing needs differ in three primary ways: pricing plans, product pre ferences, and product valuations. Pick - a - plan,
versioning, and differential pricing tactics serve these diverse needs.
Provide pick - a - plan options. Customers are often interested in a product but refrain from purchasing simply because the
pricing plan do es not work for them. While some want to purchase outright, others may prefer a selling strategy such as rent,
lease, prepay, or all - you - can - eat. A pick - a - plan strategy activates these dormant customers. New pricing plans attract
customers by providing ow nership options, mitigating uncertain value, offering price assurance, and overcoming financial
constraints .
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