Practice the 4 Cs To Better Pricing and Profits

Posted on July 11, 2012 by LCT Magazine

PRICE CHECK, PLEASE: The limousine industry has focused much concern on pricing since the Great Recession ushered in an era of bargain hunters and businesses willing to race to the bottom. New Jersey operator Bill Atkins has consistently stood for the opposite recessionary approach: Price to your value and back it up with quality and confidence. Atkins' Red Bank Limo raised prices 5% on airport trips on June 1; the number of trips went up 17% last month compared to June 2011. Atkins told LCT: "You can raise your prices. You have to practice what makes you different and better and worth what you charge. So instead of discounting your price to compete, I say know in specific terms why your product or service is better for the customer. Raise your price and your profits immediately will increase." Harvard Business Review offers this 4-STEP primer on using pricing strategy to boost sales. --- Martin Romjue, LCT editor 

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