Be the first to like this
Setting the right price is vital, because price is a key marketing lever and it expresses brand value in a competitive context. The question is: how far can the brand increase prices while securing revenue? The answer is: up to the point where the price change is no longer offset by the perceived value of the product or service.
The tipping point depends on the brand's and product's price elasticity. The brand can only raise prices without being penalized if elasticity is low. The key is to focus on setting the right price in balance with the brand's value. Gerard and Ellen explore SKIM's recent meta-analysis of over 200 pricing studies, providing valuable insights on how to achieve that balance.
For more information about SKIM's webinars, visit www.skimgroup.com/webinars.