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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Series Description:
A weekly podcast featuring the leading thinkers in business and management.
About Harvard Business Review:
Harvard Business Review is the leading destination for smart management thinking. Through its flagship magazine, books, and digital content and tools published on HBR.org, Harvard Business Review aims to provide professionals around the world with rigorous insights and best practices to help lead themselves and their organizations more effectively and to make a positive impact. Learn more at www.hbr.org.
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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