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Value-Drivers and their Impact on Price Increases

Value drivers are product or service features that improve the perception of the product or service a Business is trying to sell and can help businesses grow substantially. Value drivers include technological features, brand awareness, and customer satisfaction. Value drivers are also what set a firm's product or service apart from its Competitors, acting as a competitive advantage. Value drivers also give the added impression that a company's product or service is better than their competitors. Value drivers allow companies to influence their customer base to purchase their product or service. The distinctive traits that a business' product has will thus make said product look more attractive than its competitors. Once a company has figured out which value drivers boost its profits and its standing amongst competitors, it can use those value drivers to implement successful pricing increases.



This post first appeared on PriceBeam, please read the originial post: here

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Value-Drivers and their Impact on Price Increases

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