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The 1% Windfall: How Successful Companies Use Price to Profit and Grow Hardcover – 1 Apr 2010


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The 1% Windfall: How Successful Companies Use Price to Profit and Grow + The Psychology of Price: How to use price to increase demand, profit and customer satisfaction + Power Pricing: How Managing Price Transforms the Bottom Line
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Review

“The Art of Pricing is an entertaining primer on how to unlock ‘hidden profits’ and growth by aligning your product’s price with the value customers place on it.” (BusinessWeek SmallBiz)

“A valuable insight into the strategic importance of pricing.” (Peter W. Olson, Senior Lecturer - Harvard Business School and former Chairman and CEO of Random House)

“This breakthrough “how to” book offers a practical and comprehensive framework that shows companies how to use price to drive profits from diverse customer segments in offensive and defensive (recession, inflation, and new competitor) situations.” (Richard Spaulding, Member of the Board of Directors, Scholastic Corporation)

“Pricing volatility will likely be the greatest challenge management will face in the next decade. Rafi Mohammed provides pricing guidance that equips readers to successfully navigate and profit in these uncertain times.” (George Stalk, Senior Advisor and Fellow, The Boston Consulting Group)

“Rafi Mohammed uses insightful real-world examples to show how small changes in a company’s pricing tactics can lead to big profits. You will profit from this book - and enjoy every minute reading it!” (Michael R. Baye, Bert Elwert Professor of Business Economics at Indiana University & former Director of the Bureau of Economics at the FTC)

“This is a rich resource for not-for-profits. Rafi Mohammed shows how smart pricing tactics can distribute educational and cultural benefits as widely as possible, yet still balance the books. It will change the way you think about pricing.” (Joseph C. Thompson, Director, MASS MoCA)

“Pricing consultant Mohammed highlights ideas and tactics that build a foundation to create a pricing strategy for every global company, answering the question, ‘How would a 1% increase in price affect operating profits?’ This is an excellent book.” (Booklist)

“The book offers practical guidelines that any sized company can follow to create a comprehensive pricing plan and increase profits without sacrificing customer loyalty. It’s a tricky equation, but Mohammed offers a strategic solution.” (Consulting Magazine)

From the Back Cover

Leading pricing expert Rafi Mohammed shows businesses how to reap a financial windfall and foster growth using the underutilized and often overlooked strategy of setting prices.

The 1% Windfall reveals how modest incremental changes to an everyday business practice—pricing—can yield significant rewards. Illustrating the power of pricing, a study of the Global 1200 found that if companies raised prices by just 1%, their average operating profits would increase by 11%. Using a 1% increase in price, some companies would see even more growth in percentage of profit: Sears, 155%; McKesson, 100%; Tyson, 81%; Land O'Lakes, 58%; and Whirlpool, 35%.

The good news is that better pricing is more than simply raising prices. Instead, the key is to offer customers a variety of pricing options. This strategy is win-win: profits to companies and choices for consumers.

But how do executives and managers set the right price? Underpinned by sound empirical research and real-life anecdotes, The 1% Windfall addresses this fundamental question. This book offers guidelines that any company—whether a multinational conglomerate, a small business, or even a nonprofit—can follow to create a comprehensive pricing strategy for any product or service. In addition, these versatile techniques and tools provide solutions to avert a slump in a recession, offset the impact of inflation, or battle a new competitor.

The result is a mind-opening, clear blueprint for com-panies to price for profit and growth.


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Amazon.com: 31 reviews
18 of 19 people found the following review helpful
If you run a business you need this book. 29 April 2010
By Reg Nordman - Published on Amazon.com
Format: Hardcover
Rafi is the guru on pricing as he has been consulting on it for over 20 years. His previous book , The Art of Pricing, was a good book, but this one goes much further into the topic with great examples , worksheets and a step by step plan for a pricing strategy . Did you know that when it comes to pricing there are :

* Four fundamental pricing strategies
* Fifty pricing tactics
* Two offensive pricing blossom (his model) strategies
* Six defensive pricing blossom strategies and
* Thirteen culture-of-profit principles?

This is a very thorough study and it is so clearly written that you can read it like a novel. I could not put this one down. It is the best writing on pricing I have ever come across. if you run a business you need this book.
9 of 10 people found the following review helpful
Finally, someone to help rationalize pricing from a customer-value perspective! 21 Jun. 2010
By Amazon Customer - Published on Amazon.com
Format: Hardcover
"Challenges the concept of what most firms default to...The good, ol' Cost-Plus methodology.
While Cost-Plus has its merits, author now directs us to refocus on "Value-Based Pricing" and to create "pricing blossoms" that allow us to have inplace strategies for decreased demand, or inflationary situations.
A great resource to keep around because I guarantee that many of your key players are not aware of your pricing strategy and are not able to effectively communicate that in the marketplace!"
7 of 8 people found the following review helpful
Insightful and instructive 27 Mar. 2010
By Laura White - Published on Amazon.com
Format: Hardcover
Don't be misled by the title that increasing profits is as easy as raising prices 1% across the board. It's not that simple! Of course, setting prices arbitrarily is easy, but as Rafi Mohammed so clearly demonstrates, setting prices to maximize profits by capturing the whole spectrum of value is an art. With different people placing different values on all kinds and aspects of products and services, setting prices should be a much more complicated and challenging process than is generally realized. This book navigates the reader through the process with accessible strategies and illustrations of how to maximize those unrealized profits. As a new business owner, I have found this book to be an extremely valuable tool as I make my pricing decisions.
8 of 10 people found the following review helpful
Here's a little story I made up to describe the value of this book 10 Jun. 2010
By The Happy Artist - Published on Amazon.com
Format: Hardcover
I was trying to explain these concepts to my wife, but I can't really explain it as well as Rafi did in his book, so I made up this little story - she got it right away.

Example: A can of Coke; - You are at the beach... You arrive at the beach at 9AM - temperature is 60 degrees, want a Coke? How much will you pay? vs. 2PM, you've been there all day, and it is now 90 degrees. How much is that can of Coke worth now when the kid with the cooler ambles by? (And what if the cans were dented or past the sell-by date - i.e. markdowns?) Actual cost? About 18 cents So, cost (18 cents) is not the issue; value to the customer is. When the kid tells you how much that Coke is, do you think 18 cent cost? Heck no! You wonder if you have enough to buy everyone in the family a soda!

Or, price at a Target ($.31) vs price at a McDonalds ($1.29)... 2 of the bigger companies in America, two very different prices for a 12 oz. Coke - the same product, a 12 oz coke! (OK, so not exactly the same...but good enough for an example OK?)
This book is filled with dozens of strategies and techniques that will help you get away from cost plus pricing and into value based pricing. I'm a retailer, my products generally sell at 2 x cost. But do I have to?
6 of 7 people found the following review helpful
Easy to Understand and Implement 23 Feb. 2011
By robert pressley - Published on Amazon.com
Format: Hardcover Verified Purchase
Great job of making pricing concepts "actionable" for managers. Interesting stories, focus on earning new profits, and straightforward advice.

The author also wrote an interesting article - "Ditch the Discounts" - in the Jan/Feb 2011 Harvard Business Review.
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