Explain customer capital

Three Questions that Define Pricing Strategy  March 18, 2016 – 09:25 am

Right before the release of my book, Pricing Strategy, the husband of my boss asked me to tell him what pricing strategy is all about, and he said “make it simple, I don’t want the details.”  I knew he was serious. And I knew he was smart. With my boss, who is also the Chair of the DePaul Marketing Department sitting right next to him, I knew this was a “make-it-or-break-it” moment. After researching and writing for years, how was I to explain the entire body of thought on pricing in 15 seconds or less? I took a sip of my beverage then dove into with full blunt force:

“There are three key questions that must be asked for every pricing problem. Each must be asked from the customer’s perspective, not your own. Number 1:  What is the alternative? Number 2:  Are you better or worse? And Number 3:  Why should I care? ”

To my relief, the marketing department chair smiled.

It has been a little over a year since I first boiled pricing strategy down to these three questions. Since then, I’ve seen this mantra resonate strongly with others. So now, I think it’s time we explore it.

The Customer’s Perspective

Source: Pricing Leadership

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