Raising prices is one of the best things you can do if you want to build a successful business. This counterintuitive bit of advice comes from Chris Luo, VP of marketing at Fivestars, a loyalty program platform for small businesses. Luo joined the company two years ago, after stints in the marketing departments of Facebook and Google.
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Fivestars has proved the concept. The company increased prices from $64/month when it launched to $99, then $149, then $199. If the growth in new customers has slowed slightly, the rapid rise in revenues has more than made up for it…
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