See everything that the customers see, and then increase your prices. Understanding customer benefits pays dividends. By recognising the full value of our offerings, we can charge customers accordingly.

Indeed, higher prices might actually become part of the attraction. One of the benefits of owning a Rolls Royce is that everybody knows they are expensive. So the ownership of a Rolls Royce is also a signal of your wealth. This conspicuous consumption can be a benefit too. And the same can be said for Rolex watches, private jets, certain clothing brands and many other products that are known to be expensive.

Listen to customers. Understand customers’ points of view. Discover everything customers value in your products. Then price accordingly.

Key Points

Once we understand how valuable the benefits of our products are to the customer, we can price accordingly.

What to do next

• Listen to customers to understand what they really value in your products.