100 Thoughts on Pricing: #57
"Price discovery" is one of my favorite terms, but I don't use it in the technical economics sense. The technical sense is buyers and sellers in a big marketplace finding the equilibrium price for something (goods, assets, etc.). In my work with service and technology providers, price discovery is all about:
never being 100% certain you are charging the best possible price for your offering
testing and tinkering with options, terms, tools, and tactics to continually improve pricing (and all other financial) outcomes
knowing the competitive pricing landscape without becoming overly influenced by it, and
my favorite- developing intuition and mastery around what works and doesn't work with your customers.