build a brand and add value Recent research found that 60% of retailers view higher margins as a top priority. This may not be surprising for retailers, or perhaps any business, given how tight margins are in 2018, and the direct relationship between margins and profitability. The question remains, however, how do businesses increase their […]

build a brand and add value Recent research found that 60% of retailers view higher margins as a top priority. This may not be surprising for retailers, or perhaps any business, given how tight margins are in 2018, and the direct relationship between margins and profitability. The question remains, however, how do businesses increase their margins? One option is to cut costs and another is to increase prices. This is the third of five thoughts addressing the latter. Increasing prices is easier when value is added. Indeed, adding value to product A makes it a slightly different product and, therefore, more difficult to compare with products B, C, and D. It has often been said, and with some evidential support, that price really only matters when all else is equal. Building a brand and adding value has often been found to facilitate higher prices and result in  higher margins. That…