The Relationship Between Value, Customer Experience, and Price

Shep Hyken interviews Per Sjöfors, aka "The Price Whisperer," Co-founder of Sjöfors & Partners and author of The Price Whisperer - A Holist Approach to Pricing Power. He shares how companies can use pricing to drive higher growth, sales volume, and profits by providing a great customer experience.

Top Takeaways:  

·      There is a direct correlation between how much a company can charge a customer and the level of customer experience.

·      How you present your product or service, and your value messages drive customer satisfaction, customer experience, and how much customers are willing to pay.

·      Any company has profitability based on three variables: total cost, sales volume, and price. Out of the three, price has the highest leverage on profitability.

·      Pricing drives satisfaction. Often higher prices lead to more satisfied customers than lower prices. Many companies compare themselves to others in their industry and start doing the same. But, if you give a compelling reason why your price is more than theirs, you're going to win customers over.

·      And Pers talks about the mistakes companies make when pricing affects the customer experience. Check it out!

Quote: 

"A satisfied customer with good experiences is more likely to be willing to pay higher prices than somebody who is dissatisfied (if that customer ever comes back)."

About:  

Per Sjöfors, aka "The Price Whisperer," is the Co-founder of Sjöfors & Partners and author of The Price Whisperer. He is a thought leader and author on everything pricing and how companies can use pricing to drive higher growth, sales volume, and profits.

Shep Hyken is a customer service and experience expert, New York Times bestselling author, award-winning keynote speaker, and host of Amazing Business Radio.

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