Sharing EPSON Accounting & Payroll Software
We use EPSON’s accounting and payroll software at our office, which allows for seamless datasharing with our clients.
If your company doesn’t handle bookkeeping internally but would like to review accounting data orexplore digital document storage, we’d be happy to support you. Feel free to get in touch!
Summer Reflections & Business Insight
With the rainy season ending early this year, we’ve been in full summer mode for some time now.Hopefully, we’re reaching the halfway mark of this long, hot stretch.
As business owners, one of the toughest challenges we face is pricing strategy. For nearly 30 yearsunder deflationary pressures, price hikes were almost unthinkable. But today, with soaring costs formaterials and labor, raising prices is no longer optional-it’s necessary.
Yet, it’s not just about raising prices. It’s about how and when you do it. This brings us to an 250801_MinatoLetter_169_English.pdf insightful article published on July 31 in the Nikkei:“Luxury Brand Winners: Hermès and Prada-How Pricing Power Set Them Apart.”
Despite economic slowdowns in China and U.S. tariffs, Hermès and Prada succeeded by executingconfident price increases. In contrast, brands like Louis Vuitton and Kering struggled.
This raises the question: What gives a company pricing power like Hermès?I explored this with ChatGPT, and here’s what we found.
What Sets Brands Like Hermès Apart?
Even though your business may seem worlds away from luxury fashion, their strategies aresurprisingly adaptable. Here’s what drives their pricing power:
- Craft a clear brand story that customers resonate with and want to share.
- Create emotional value, not just high quality. Make people want what you offer.
- Be selective-don’t sell to everyone. Make customers feel chosen.
- Refine the customer experience, from personalized service to expert guidance.
- Never discount. Protect your brand’s perceived value.
- Co-create culture with your customers, not just products.
In short, understand what your customers truly value-not just what you believe is high quality. Avoidchasing volume. Instead, aim for demand that slightly exceeds your supply. It creates an aura ofscarcity and value.
Moving Beyond Year-on-Year Thinking
As business owners, we tend to focus heavily on year-over-year metrics. But numbers alone don’ttell the full story.
Listen to your customers. Watch how they interact with your products. Improve your offerings basedon real feedback, not just spreadsheets.
In the past-during Japan’s high-growth era-price hikes often happened collectively across industries. But today, pricing decisions are up to each company. That means now is the time to reflect on yourbrand’s unique strength and how you can turn that into pricing power.
Let’s move forward with confidence-creating not just numbers, but real value.
