How do you set your prices?

Seth Godin has a recent blog post on pricing power. Here’s a quote that stood out to me:

We often find ourselve stuck, matching the other guy’s price, or worse, racing to the bottom to be cheaper. Cheaper is the last refuge of the marketer unable to invent a better product and tell a better story.

There’s a school of marketing that says you have to have the lowest price. That’s basically Walmart’s marketing position.

I don’t buy it, no pun intended. If people only buy the least expensive cars, then how does Mercedes Benz stay in business?

Just some food for thought.

 

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