Rafi Mohammed, founder of the consulting firm Culture of Profit, says a crisis or recession is not the time to panic and slash prices. He says leaders should instead reevaluate their price strategy — or develop one for the first time — to better respond to customers during the slump and keep them when the economy recovers. He shares examples of companies across a variety of industries that have created effective price strategies as well as his advice for changing prices in response to Covid-19. Mohammed is the author of The 1% Windfall: How Successful Companies Use Price to Profit and Grow.
Chapters:
00:00 – Intro
1:54 – How to Prevent Major Losses
4:48 – Responding to a Hit to Your Demand
8:11 – Being Transparent with Customers
11:26 – Responding to a Surge in Demand
13:21 – When Customers Don’t Like Your Pricing Strategy
17:02 – Knowing When to Raise Your Prices
20:16- Outro