Press Release Summary:
The Fourth Quarter 2010 issue of The MHEDA Journal includes article titled "10 Tips to Better Pricing," by consultant Rafi Mohammed, Ph.D. According to Mohammed, "A McKinsey and Company study of the Global 1200 found that if companies increased prices by just 1% and demand remained constant, operating profits on average would increase by 11%." Article includes tips such as set prices that capture value, create a value statement, provide pick-a-plan options, and offer product versions.
Original Press Release:
Material Handling Pricing Tips
Setting the right price is a key to success in the material handling industry.
Dewitt, NY - The Fourth Quarter 2010 issue of The MHEDA Journal, the leading online magazine for the forklift, storage & handling, and general material handling equipment industries, focuses on methods for sales success in material handling. One of the strategies is broken down in detail by consultant Rafi Mohammed, Ph.D., who discusses one of the most powerful yet underutilized strategies available to businesses-pricing. "The beauty of focusing on pricing is that many concepts are straightforward to implement and can start producing profits almost immediately," he says.
According to Mohammed, "A McKinsey & Company study of the Global 1200 found that if companies increased prices by just one percent and demand remained constant, operating profits on average would increase by 11 percent." Mohammed then lists 10 proven strategies to reap higher profits, generate growth and better serve customers. The 10 tips are:
o Stop marking up costs
o Set prices that capture value
o Create a value statement
o It's OK to earn high profits
o A discount today does not guarantee a premium tomorrow
o Customers have different pricing needs
o Provide pick-a-plan options
o Offer product versions
o Offer differential pricing
o Complete your customer's puzzle.
As Mohammed describes, proper pricing is fertile ground for new profits. The full text of the article, "10 Tips To Better Pricing," is available at The MHEDA Journal Online. The MHEDA Journal print magazine is mailed out to subscribers in January, April, July and October. For more information, contact Chris Powers, editor of The MHEDA Journal, (315) 445-2347, e-mail: firstname.lastname@example.org.
Founded in 1954, the Material Handling Equipment Distributors Association (MHEDA) is the premier source for manufacturing knowledge, education and networking. Through its member journals (http://www.TheMhedaJournal.org), e-magazines, newsletters, and industry wiki (http://www.wikimheda.org), MHEDA connects the manufacturers of storage and handling, lift trucks and conveyor equipment and distribution leaders for the purpose of delivering optimal solutions to the users of those products. MHEDA publications are the industry's voice for all matters related to the latest technology and the most up-to-date processes spanning the movement and storage of all materials. A 501(c)3 organization, MHEDA members span all of North America.