The old-school thought process in pricing products is to take your cost and add to it some sort of markup to cover the product, overhead and profit to determine the final price of your product or service. In this Insights, I’m going to explain why that thought process is wrong and will cost your business and its profit. Not everyone will agree with me, but after years of learning from Ron Baker at the VeraSage Institute, these are my beliefs.
Instead of cost-based pricing, you should focus on the value you deliver to your customers and capture that value in the form of profits. Value pricing relies on four main tenants:
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The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.