When the economy change, the behavior of your customers change. What they buy, how they buy and why they buy. You’ll see this in your business; what used to “work” doesn't “work” any more. Or at least not as often or as well as it used to.
So it is during uncertain economical times, more then any other time, you need to base you pricing on hard data from the marketplace. Hard data on willingness to pay, price elasticity, decision-drivers for willingness to buy. You also need to know what bundles, unbundles, policies or service options will increase your marketplace willingness to buy and to pay.
So what is hard data? It is the result of anonymous research into your marketplace together with statistical analysis where the research population is large enough to provide statical significance results. Anecdotes and unquantifiable data from sales conversations don’t cut it!
|