In this episode I cover the latest questions from you and things I have been thinking about. This includes the power of 1 percent changes in every aspect of your business, making your customers suffer a little might actually be a good thing, and then an important pricing strategy.
The cumulative power of 1 percent changes in every aspect of your business is incredible. This comes from understanding more of the story of Team Sky – the British Cycling Team and how Dave Brailsford focused on the 1% changes in every aspect of team and as a result in three Bradley Wiggins (now Sir Bradley Wiggins) became the first British cyclist to win the Tour de France.
The next topic I cover is from a book I am presently reading about being a Business Romantic . I have only got part way through the book however one of the concepts was making your customers suffer a little adds to the value. Think of Ikea and having to assemble the furniture or the shops like Ferberger’s in Queenstown NZ where people have to line up for an hour or more to get served. Interesting concept which I explore.
The last issue I consider is that of utilising options as part of your pricing strategy. Tiered pricing or crafting options for your customers is an important element of value based pricing.
Any questions, comments or thoughts please drop me a note at steve [@] pricingpower.net