Some approaches to raising WTP are obvious: increase the quality of your products, enhance their brand image, innovate. But even strategies that are often overlooked can be exceptionally powerful.
For instance, it is fascinating to observe how some companies leverage the power of complements: products and services whose presence raises the WTP for other products and services. Think printers and toner, cars, and gasoline.
Michelin and Alibaba Group rely on complements to supercharge their entry into new industries. Apple uses them defensively to soften the blow from declining prices. Harkins Theatres cleverly offers complementary tickets to fill seats in its movie theaters.
If you compete solely on the basis of your products and services and fail to recognize your complements, there is a good chance your business is already in trouble.
