You might think that your customers select you because of price- at least that is what they tell you. Or that is what your staff thinks. Or, better yet, that is the prevailing wisdom of your industry. But, here is the question—is your product any good if your customer or prospects won’t pay more for it?
For example, in the highly competitive online car parts industry, one company gets a premium price for their parts because they offer a lifetime, no-questions-asked warranty on everything they sell—even motor oil!
And a manufacturer of high-end construction tools earns industry-leading margins because it “rents” tools through a subscription service that promises that customers will always have the right tools, at the right place, at the right time, which makes their construction projects more profitable.
Raising prices starts with extreme customer empathy. It comes from deeply understanding how you can help a customer get their job done better than anyone else. So, as with my blog last week, go talk to your customers.
Is your team aligned and rowing together in the same direction?
Looking for a way to see how aligned your team is on your direction and strategy? Have them take this 3-minute strategy assessment and use the individual scores to get the conversation going!