In a price-sensitive world, the temptation is to grow profits by cutting costs. But what about increasing your prices? In any economy, people will always pay more for certain attributes. People pay more for speed, for convenience, for “green” alternatives, for new technology, for flexibility, for the chance to help a cause and much more. If you’re in a business where profit margins have tightened, why not make a list of all the reasons people are willing to pay a little extra, then look at what you offer to see where you can add one or more of those qualities to your own products or services?
