Top 6 – July 2014
Published July 7, 2014
“Do not do what someone else could do as well as you. Do not say, do not write what someone else could say, could write as well as you. Care for nothing in yourself but what you feel exists nowhere else. And, out of yourself create, impatiently or patiently, the most irreplaceable of beings.” -Andre Gide (1869-1951)
- Innovation is king. It’s essential to differentiate your brand from your competitors’, and necessary to avoid being commoditized.
- That said, remember that however unique your offering is, there is always an alternative to fill that customer need.
- Customer engagement is a critical means of maintaining loyalty over time. Firms must strive to engage customers on multiple levels.
- This can include directly surveying for or responding to customer feedback, marketing campaigns, social media, pricing tactics, segmented offerings, and many more possibilities.
- But if you are the principle player in the market, be sure that your tactics rewarding loyal customers aren’t seen as bullying or predatory.
- When in doubt, have a good lawyer on speed-dial.
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About The Author
Tim J. Smith, PhD, is the founder and CEO of Wiglaf Pricing, an Adjunct Professor of Marketing and Economics at DePaul University, and the author of Pricing Done Right (Wiley 2016) and Pricing Strategy (Cengage 2012). At Wiglaf Pricing, Tim leads client engagements. Smith’s popular business book, Pricing Done Right: The Pricing Framework Proven Successful by the World’s Most Profitable Companies, was noted by Dennis Stone, CEO of Overhead Door Corp, as "Essential reading… While many books cover the concepts of pricing, Pricing Done Right goes the additional step of applying the concepts in the real world." Tim’s textbook, Pricing Strategy: Setting Price Levels, Managing Price Discounts, & Establishing Price Structures, has been described by independent reviewers as “the most comprehensive pricing strategy book” on the market. As well as serving as the Academic Advisor to the Professional Pricing Society’s Certified Pricing Professional program, Tim is a member of the American Marketing Association and American Physical Society. He holds a BS in Physics and Chemistry from Southern Methodist University, a BA in Mathematics from Southern Methodist University, a PhD in Physical Chemistry from the University of Chicago, and an MBA with high honors in Strategy and Marketing from the University of Chicago GSB.