Popular strategic doctrine has many executives sailing off, like Ahab or Sinbad, in search of "blue oceans"—market spaces where allegedly no one else is fishing. Avoiding competition is always nice work if you can get it. But most firms are better off emulating Odysseus—the sailor who sought prosperity closer to home—in the pricing opportunities inherent in their current business mix.
Those of us who are innovators by nature are always looking for new ideas that no one else ever thought of. Well, maybe. But probably not, and if they are that innovative they are probably going to take some explaining -- which costs money and erodes even a premium price's profitability.
Pricing Question #2: Looking at your existing products/services, really digging deeper into their different attributes, where could you raise prices, where do you need to discount to compete, and where can you stay the same? (Hint: the key here is really getting clear on what your different products are.)
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