Price > Value > Benefit
From Seth Godin:
“When you ring a bell for your clients, you’ve delivered with care and empathy. But when you seek to wring every dollar out of a transaction, you’ve probably engaged for the last time.”
And:
“Price is unrelated, except for one thing: Charge enough that you can afford to actually keep your promise. The thrill of a low price disappears quickly, but the pain of a broken promise lasts a very long time.”
Pricing was always a careful decision in our business….though often it was the standard markup plus freight. However, competition also created another factor in determining price. While some of our brands were in other stores….we tried to have some that were unique to us….though it was difficult to have an exclusive line for a business our size.
On larger sales, we took a smaller markup. Carpet was always a challenge to achieve an acceptable markup….it seems the installation always was higher than estimated.
While sensitive to pricing….our goal was to give value and benefit for the price quoted. I would think that is what we did over the life of the business.