Book Review - The Art of Pricing
The Ultimate List of Great Books on Pricing
Individual Book Review:
Free: The Art of Pricing : How to find the hidden profits to grow your business.
Book Author: Rafi Mohammed
The Art of Pricing is a factual guide for decoding one of the most important problems in business: how to use price to expose hidden profits and discover new opportunities for growth. This book highlights best pricing strategies and explains the financial windfall that can be achieved from a small tweak in prices.
The Art of Pricing is one of the books selected from The Ultimate List of Great Books on Pricing we have compiled. Pick up a book or two - to help you charge the right price for your products or services.
Continue reading through our review for The Art of Pricing below!
If you´re using a one size-fits all pricing strategy, then you are leaving money on the table. Searching for your optimal price, where consumer demand and profits are maximized, using a multi-dimensional approach, is key to gaining those hidden profits.
Rafi Mohammed describes the steps required to set the optimal price for your business. Firstly, you will need to understand the value consumers place on your product, their willingness to pay, and that should drive your pricing decisions. Secondly, you’ll need a methodology by which your pricing decisions can be made and finally, you’ll need some pricing strategies that will allow your company to achieve full profit maximization.
Whether you are in marketing, a manager, in finance or the CEO/CFO, pricing is important for you. This book is an invaluable tool for people running companies, divisions and product lines as well as those in marketing and sales. Rafi Mohammed shows us a practical way, using a range of examples, for uncovering hidden profits through pricing potential.
Key learnings from ´The Art of Pricing´ include:
- The striking impact that small changes to a pricing strategy can have on the bottom line.
- How the optimal pricing strategy can boost profits and grow your customer base.
- Why the correct way to think about pricing is as a series of easy-to-implement strategies that grant companies to serve and profit from the largest possible customer base.
- Why the art of pricing involves understanding and exploit on the fact that different customer segments are willing to pay different prices for the same product
- Why an effective pricing strategy is not about price gouging but one that incorporates fairness into every important pricing decision.
The Art of Pricing is and entertaining primer, key to learning how to get the additional profit, by aligning your product´s price with the value customers place on it. It is written in a conversational tone and is an easy and informative read, full of real-world examples that can help any reader.
" Pricing is more than a number; it’s a series of integrated strategies.” – Rafi Mohammed
ABOUT THE AUTHOR:
Rafi Mohammed: Rafi Mohammed has been working on pricing issues for over 25 years. He is an economics graduate of Boston University, the London School of Economics, and Cornell University, where he received his Ph.D. Rafi is the founder of Culture of Profit, a Cambridge, Massachusetts-based company that consults with businesses to help develop and improve their pricing strategies. His books, including ´The Art of Pricing´, have been translated into seven foreign languages. and he has written over 85 digital articles on innovative pricing strategies for the Harvard Business Review. Rafi is a recurrent contributor on pricing strategy issues to the media including Bloomberg Business Television, CNBC, Fox Business News, Today Show, National Public Radio, New York Times, Wall Street Journal, and BusinessWeek.