The Price Whisperer
AMAZING BUSINESS RADIO: PER SJÖFORS
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.
- 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, the 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!
“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).”
“Reinvest it in your company. Be more competitive and provide a better customer experience than your competitor, so you get repeat customers and price higher.”
“A brand is a promise of quality and consistency. Does your brand strength justify the price that you’ve set?”
” Expectation bias tells us that the price of a product or service sets an expectation of its quality and benefit.”
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.
This episode of Amazing Business Radio with Shep Hyken answers the following questions and more:
- Is customer service more important than price?
- How does customer experience add value?
- Can customer experience drive pricing?
- How does pricing affect customer experience?
- How much is customer experience worth?
Originally published at hyken.com on August 2, 2022