Idea in Brief
The Message
In response to economic pressures, companies should reexamine not just their prices but their pricing strategy—they should look for different ways to charge customers.
The Tactics
Many of the best pricing innovations result from borrowing models from other industries—offering to rent a product that’s typically bought, selling a service by the hour instead of by the day, or applying technology to better measure how much of something consumers are really using.
The Implementation
Consider which pricing tactics have the most potential to attract new customers and drive revenue, along with the costs of each. By adding new pricing options, you increase the odds that customers will find one tailored to their needs.