It’s time to get tough on pricing. How do you get it right?
Respected marketing professor, Mark Ritson reckons Pret a Manager have got it right with their new subscription pricing communications.
In this article in Marketing Week he gives a characteristically robust critique of pricing strategy and a call for clarity, transparency and link back to the brand values your customers invested in from the start (Pret’s people) and a relatable value statement (two lattes a week).
“There will be blow back” he warns and Pret has experienced its fair share. However Ritson exhorts businesses to stick to their guns and prepare their teams, especially those on the frontline - for the changes and explain the rationale ahead of time. Profitability beats volume every time.
Pret’s recent cash call on shareholders suggests that a laser focus on profitability over volume is exactly what they will be working on in the coming months. They will not be alone.
It’s time to get tough on pricing.
Read the full article here - https://www.marketingweek.com/mark-ritson-how-and-why-marketers-should-put-up-prices/