use service to attract a premium price 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 […]

use service to attract a premium price 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 last of five thoughts addressing the latter. Seth Godin once said – ‘nobody recommends a mediocre restaurant’. You might eat in a mediocre restaurant because it is convenient or cheap, but you will not recommend it, and you will be unlikely to rush back. We all buy mediocre products from time to time, but we are attracted to better products and better service. A recent study in the United States found that 66% of consumers are not only…