Marketing

Post pandemic pricing

10 key rules while pricing the product or services to grow the businesses

Photo by Marjan Blan | @marjanblan on Unsplash

Strategist David Wakeman shared 10 rules, which businesses should use to recover and grow after the pandemic.

1. Don’t discount. It commodifies and devalues the brand.
2. Price the product closer to the true economic value. Pricing near the ‘cost of the goods sold’ is bad.
3. Research for right pricing. Avoid guessing.
4. Pricing should satisfy the post purchase price consideration. They shouldn’t haggle.
5. Experiment different pricing. Testing is essential.
6. Cost plus pricing leaves money on the table. Don’t.
7. Pricing helps capture a part of the value. Treat is as the most important marketing function.
8. 1% increase in price increases profit by 10%.
9. 1% decrease in price decreases profit by 40%.
10. Discounts are for dummies.