Today I got a friendly email from the folks at Amazon. Perhaps you got one as well. It spoke of a price increase to my Amazon Prime membership. Not going to delve into the finer points of the message (screenshot below), rather I’d like to highlight what they did well and questions we can ask ourselves so, as marketers we can learn how to position ourselves for price increases of our own.
Important Assumption: It’s key to extract fair value for your product or service, a business must be profitable so that it can grow, expand, and continue to meet the needs of customers. A business that goes without a profit, unintentionally, for an extended period of time isn’t a business, it’s more like a passion or a hobby. Let’s plan to profit.