What is the optimum price that maximizes both consumer willingness to pay and profitability?
Our recent blog post on the impact of tariffs was our most read blog post ever. No wonder, considering both the importance and the timeliness of the topic. In that post we referred to our various tools to identify the best possible price. Now, more than ever, that would seem to be of great importance to marketers.
A recent article in the New York Times referred to “tariff anxiety” as a potential factor in the global business slowdown. (NYT, 6/19/19). Walmart's Retail Link now incorporates a "cost change scenario" that enables vendors to input higher prices based on increasing tariff costs (Bloomburg,6/12/19).
"We need to do some focus groups." That's a typical statement we hear when we get a call from a potential client. Sometimes a second question follows right away: "What does research cost?" Further discussion often reveals that the caller is inexperienced and that some education is in order. We're fine with that (it's our job to be the experts in research, not yours!)