Taking the Lead on Price

Imagine being in business where you can set your price and your competitors feel compelled to match it, rather than trying to undercut you. Being a price leader is an excellent position to be in, as I discovered when co-creating the operatic phenomenon ‘The Three Waiters’. Winning three consecutive American entertainment awards, ‘The Three Waiters’ became the most-booked corporate entertainment act in the world – and we were able to attract a high-end market and price tag to the brand.

To do so, I had to learn about the benefits of price leadership. Corporate entertainment in the US was an unknown to us and – perhaps foolishly – we went into the market at a low price. Initially we struggled to get substantial bookings. Why? Our price made us look like a ‘cheap’ act and bookers weren’t convinced of our value.

One of the secrets to our resulting US success lay in effective pricing. It maximised our... (for full article click here)