Pricing Strategies for Uncertain Times | HBR IdeaCast

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. (www.amazon.com/1-Windfall-Suc...)
This episode originally aired on HBR IdeaCast in on July 7, 2020.
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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
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[@andrewsanford8572]

I agree with being cautious about price increases especially during hard times like a pandemic, while it seems like a lucrative opportunity it also seems like an ethical concern and potentially a public relations nightmare.ultimately though some companies may have to increase prices during hard times to survive so its a difficult situation.

[@mohamedibrahim8296]

Well said 🏵️🏵️

[@DjDj-zr2wy]

This is gold 🙏

[@IamPhysio]

Great

[@juliomunozlopez3747]

Nice video 📱