Retail Pricing Strategies, Part 4c: Loyalty and Ethics

For this series on pricing strategies, we have analyzed the historical perspective on the development of retail prices, finding your own “magic formula”, and looked at the individual considerations that should be a part of that formula (e.g., warranty, invoice cost, accessories, cost-of-living adjustments).  For the past few posts we have been discussing the ethical…

Read More

Retail Pricing Strategies, Part 4b: Loyalty and Ethics

This series of articles on pricing strategies has analyzed the historical perspective on the development of retail prices, discussed finding your own “magic formula,” and looked at the individual considerations that should be a part of that formula (e.g., warranty, invoice cost, accessories, cost-of-living adjustments).  Two weeks ago, I began the topic of using manufacturer…

Read More

Retail Pricing Strategies, Part 4a: Loyalty and Ethics

Just to review, in part 1 of this series I reviewed my own personal history in the development of sound retail pricing strategies that would best serve my practice and my patients. In part 2, I discussed finding the right “magic formula” and the various formulas I had seen other practices use, including the possible…

Read More

Retail Pricing Strategies, Part 3: Making Everything Count and Counting Everything

Before we get started, I want to note that in the course of writing this post I kept stumbling across ideas for future posts (those “a-ha!” moments).  For the fun of it, I’ll throw in a few number signs (#) indicating those moments, and if you’re interesting in my pursuit of them, please send me…

Read More

Retail Pricing Strategies, Part 2: Finding the Right “Magic Formula”

In part 1, I discussed my recollections as to how our industry has developed its retail pricing strategies, and how we responded to changes within the industry itself. Progress requires change, and we needed to make changes that would enable us to keep our retail prices  competitive and still be able to pay our bills. …

Read More

Retail Pricing Strategies for Hearing Aids, Part 1

I’ve always been a bit of a salesman, as well as a computer geek. For me, they went hand-in-hand, one benefiting the other. I purchased my first computer at age 9 by selling stationery door-to-door, raising enough money to purchase a Commodore VIC 20. The 20 stood for 20k of memory, if you can imagine…

Read More