This episode’s topic features “The Pharma Bro” — a now-jailed pharmaceutical executive who limited the supply and raised prices of rare drugs. His product pricing strategies worked for awhile, but ended badly. From this case, ethical marketers can learn how to evaluate their opportunities to improve pricing without alienating customers, the public and regulators.
Listen in as we articulate the formula that enables premium pricing — and when you have to have more reasonable expectations. You’ll also see how markets with just a few of the optimal pricing conditions can be catalysts for improving your price performance.
In this episode you will learn:
- When limiting supply is an ethical strategy, and when it is not
- The market need that has to be present to enable ultra-premium pricing
- The three market conditions that support premium pricing strategies
Here’s some quotes from the team’s discussion:
“There is upper pricing mobility in markets where ‘status’ is an emotional need”
“Competitors and prior pricing ‘reference points’ can both mess up a premium pricing strategy”
“Premium pricing strategies require consistent fine-tuning and. optimization”
We hope you learn some valuable pricing strategies!