Are You Getting Your Pricing Right or Leaving Money on the Table?

Are You Getting Your Pricing Right or Leaving Money on the Table?

We can’t blame the economy forever. Yes, purse strings are tight. And yes, raw materials are growing increasingly expensive. But your hands aren’t completely tied. Many manufacturers are finding that modifying their pricing structure is helping them ring up near-record revenues and profits in spite of economic and market challenges.

 
Their approach? Strategic, or value-based, pricing: the practice of pricing products based on their perceived value and their relative value rather than applying a set margin across product lines.
 
The latter, referred to as the cost-plus approach, is the pricing method still in use by the majority of manufacturers. Those who are breaking away from this traditional approach are looking to tap into the full potential of their product value. It’s paying off for them in revenues, profits and company value.
About the Author
Ralph

Ralph Zuponcic

President, Price Point Partners

Ralph is a national authority on strategic pricing. He has been featured in publications including The Wall Street Journal, Fortune Small Business, CFO Magazine and Marketing News.

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