Does any of the following apply to your business? Are your competitors beating you on price, or charging more and still stealing your customers? Is there an inability to scale due to weakening profit margins and cashflow position, leading to a lack of funding options? Is there a lack of alignment between your sales, product …
Put simply, competitive advantage is what you do differently that sets you apart from your competition. Competitive advantage gives your customers a valuable reason to choose you over competitors or alternatives. These unique aspects of your business should be difficult to replicate. Competitive advantage enables you to charge premium prices and therefore make greater profit margins. If you …
Finding Your Competitive Advantage With Blue Ocean Strategy Read More »
I enjoy playing poker occasionally. What do business and poker have in common? Here are some of the lessons from poker that I think can be applied to business. Poker is all about stacking the odds in your favour through analytical thinking, risk management, and psychology to get a read on the strength of your …
The premise for this article is that the business has already been through the journey of identifying the customer problems, creating value through product innovation, communicating value via sales teams and value messaging on the website. Now the customer understands the value of your proposition, how do you monetise it and generate more revenue? This article …
In the B2B world, your sales team should be your strongest advocates of value and be able to clearly articulate this to the customer. Sales enablement training is key to ensuring that customer conversations are value-led rather than price-led. Value mapping is a useful exercise to undertake with sales teams to ensure that they are solutions focused, …
Successful businesses create feedback loops to continuously engage with their customers to both validate the customer problem and improve the customer experience. Valuable customer intelligence should be drawn from your sales teams via the CRM tool, post-sale customer surveys, customer research, such as focus groups and online questionnaires, social media, and in some cases, directly from the customer. Greater customer engagement boosts …
Listen to your customers, innovate and create more value Read More »
Amazon, Netflix, and YouTube have mastered the art of AI technology, showing how machine learning helps keep customers engaged. This means that the content that you show to customers is more personalised, targeted, relevant and engaging which ultimately help to keep your customers in your sales funnel. But you do not have to spend billions of dollars …
Let’s take a look at the importance of customer segmentation in building any successful pricing strategy; The main objective of any successful pricing strategy should be to get as close as possible to charging customers the maximum amount that they are willing to pay. Typically, willingness to pay is a function of the value derived from …
People are not the same, and neither are your customers Read More »
Which conjoint or “trade off” analysis is appropriate for building your pricing strategy? Well, it depends on your objective. The 2 most common methods are Van Westerndorp (VW) and Gabor Granger (GG). VW helps you to understand the acceptable price range through asking a series of questions to assess the respondents’ attitudes towards various levels of …
Which pricing research techniques can help you work out optimal price? Read More »
In the midst of this current global crisis, we have seen a range of different behaviors from businesses in regard to pricing, ranging from price gouging, which can frustrate and alienate customers, through to heavy discounting which can start price wars and erode cashflow. In this article, I would like to highlight some key principles …
Taking control of your pricing strategy and monetising value in the face of disruption Read More »