Stashed ideas - Deepstash

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Stashed ideas

16 STASHED IDEAS

Keep your ears to the ground: What are others in your industry doing—or broadcasting that they will do in the future?

Companies are changing prices; they are very aggressively talking about it. Everybody is communicating to everybody, and you want to be hyperaware of what people are saying so that you don’t get caught underpricing or overpricing other brands in your category.

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Market research is an important tool for assessing industry landscapes and gathering customer insights, which can ultimately allow you to make more informed decisions for your business.

New data shows that the global market research industry’s revenue surpassed $73 billion in 2019 (up from $46.09 billion in 2014), which suggests to me that the industry is booming and that more companies are aggressively investing in third-party research to understand their markets. 

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  1. Be transparent and call a spade a spade, using the term ‘price increase’ in your communication, instead of beating around the bush and using an excuse of a word.
  2. Explain the real, honest reason for the price increase in a clear manner.
  3. Provide a compelling story, a narrative that justifies an increase in price while highlighting the new benefits and value to the customer.

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