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How to Make Price Changes - Implementing Changes from the RPC

Posted On - 18/10/2013 08:37:21

Key Considerations for Successful Price Changes
Previous videos have gone through what's in the detailed report and examples of changing prices using real data. And whilst it's straightforward to think about changing prices it's another to actually do it. This session addresses this issue and looks at how different products may influence how you consider going about it.

Our approach is offered to you as a means for using the data. It is not a dictate or mandate for you making changes. Anything you do you must be convinced will be to the benefit of your business. Our approach and guidance is not intended to and cannot replace your duties and obligations to your business.

However, should you decide and want to embark on making price changes, there are some factors to consider. The main one is price sensitivity and the video goes into some depth on exploring what this is and how it relates to the products you sell.

Of course changing prices itself is no guarantee of success. Any changes should be accompanied by increased promotional activity to reap best rewards. This is especially so if you have to consider price reductions - which should only be in the minority of cases. The video also discusses how to frame your marketing and where and how to price compete most assertively, and where not to.

Lastly, the session concludes with how to approach the media. With the 'High-Street' a sensitive subject affecting every locality, there's great opportunity for you to leverage your participation in the RPC into free PR. Great publicity for your business.

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