Supply Chain

What did you do during the big supply chain issues? In fact, are you still having some?

Are you able to get all the parts you need to build all the products you could possibly sell?

I’m Mark Stiving. And as a pricing expert, I have a really great hint on how you grow revenue, grow average selling prices, during these times of supply chain issues.

It turns out, you know that you can’t make every customer happy, you’re going to disappoint someone because you can’t meet all the demand. So what do you do?

You could just raise prices on everybody and decide who wants to buy. But another tactic that you could easily do is only build the products where you get the highest margin. Use all of the supply that you can get to just create high margin products, and leave the low margin products until after you’re able to get more of the supply.

Another tactic that you could use is choose who you’re going to upset. If you know you’re going to upset somebody, then why not choose to upset the people who pay you the lowest prices and instead supply the people who give you really good deals and really good margin.

These are just a couple of tricks that I teach when I teach pricing to companies, which I’ve been doing for 30 years.

I’m Mark Stiving and we have a new virtual webinar coming up called “How manufacturers can fearlessly raise prices now. “

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