Join host Ed Parcaut on the latest Inner Edison Podcast episode where he sits down with Per “The Price Whisperer” Sjofors for a deep dive into the nuances of pricing strategy and its critical role in business success.
In this insightful conversation, Sjofors shares his extensive knowledge garnered from an impressive international career that spans from engineering to CEO roles, before settling in Los Angeles and becoming a renowned pricing strategist. The two discuss the importance of pricing research and understanding customer behavior, including why potential buyers opt not to purchase, offering a path to business growth and enhanced market share.
Listeners will appreciate the cautionary tales against the pitfalls of price wars, with real-world examples from the airline and insurance industries, and the long-term negative impacts on service quality. The episode is peppered with personal anecdotes, including Sjofors’ journey to becoming “The Price Whisperer” and Parcaut’s experiences in connecting with others through shared setbacks.
Sjofors unravels the story of an LA company that successfully quadrupled prices to attract better customers and reduce support costs. They highlight the significance of perceived value, discussing how brands like Rolex leverage pricing to shape customer perceptions. Strategies for decommoditization and market development are also explored, offering insights for businesses looking to stand out in crowded markets.
The episode covers practical pricing tips for businesses of all sizes, from national retailers’ strategies like employing loss leaders to small company approaches for determining price ranges through customer research. Sjofors also provides sage advice on entrepreneurship and the power of self-created security.
Ending on a robust note, the conversation emphasizes the interconnectedness of all company activities to pricing and the vital role that comprehensive market messaging plays in price adjustments. Ed Parcaut and “The Price Whisperer” Sjofors leave listeners with a profound understanding that price testing alone is not a panacea; it must be part of a larger, strategic business conversation.
Tune in for an episode that’s worth its weight in business gold, and find out why Per Sjofors truly is “The Price Whisperer.”