Summary of The 1% Windfall
How Successful Companies Use Price to Profit and Grow
Copyright © 2010 by Rafi Mohammed. Published by arrangement with HarperBusiness, an imprint of HarperCollins Publishers
You can maximize profits by rethinking how you set and adjust prices.
Many companies don’t realize how much more profitable they could become through creative pricing. Even just a single percentage-point price increase can make a big difference to your bottom line: McKinsey & Company found that a 1% uptick in prices translates to an average 11% rise in operating profits. Pricing expert Rafi Mohammed shows you how to maximize your gains with “value-based pricing” and how to implement a range of pricing strategies and tactics to attract new customers and keep current clients buying. Although the prose can be dry at times, this manual provides crucial points to consider. getAbstract recommends it to those who set their products’ prices, including CEOs, CFOs, managers, entrepreneurs and marketers.
In this summary, you will learn
- How to create “value-based pricing,”
- How to use varied pricing options and
- Why you should make strategic pricing a part of your corporate culture.
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