When we work with clients on pricing, I always get the question, "Is pricing art or science?". The answer is, of course, yes. Over the years, we've developed some very sophisticated pricing models. Models that analyze break-even, optimize price based on quantity, and even calculate optimal price based on defined value. We've even built "value calculators" to enable the customer to customize the solutions to get the exact value they need. Yet, no matter how complex, there is always an "art" component to pricing.
Here are a few nuggets of wisdom that we've learned over the years. If you follow these, you will, over time, optimize your profit. Let us know if any of these particularly resonate with you, and please share some of your own!
Steve is a husband, father, and business exec. He loves anything outdoors, anything that is a hard challenge, and enjoys working with anyone who wants to continually improve. And golf. He loves golf. Steve is the founder and CEO of Executive Advisory Partners.