Blog: Make More Money Without Being Perfect | Strategic Pricing Solutions
Fear of change and fear of failure often cause companies to abandon their efforts to be more strategic in their pricing decisions. Statements like “We will lose business if we raise prices”, or “Sales knows their customers best and how much their customers are willing to pay” are symptomatic of those fears. While there may be elements of truth in those statements, there is still significant opportunity to improve profitability by making gradual changes that raise margins without putting your business at risk, and build confidence in the process.
In How a Small Change Can Boost Your Motivation and Performance, Edmund Lau reported that studies have shown people perform better when their goals are to improve, rather than to hit certain targets. So rather than focusing on hitting some end goal of performance, he encourages people to focus on just getting better. I would say that principle also holds in pricing.
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