Future of Your Price Optimization Strategy
Successful price optimization requires scenario planning. This involves generating alternatives, modelling impact, assessing outcomes and choosing a result.
Spring is a Time For Pricing ‘Commitments’
Spring is an ideal time to revisit old pricing practices, assess their efficacy and commit to refreshing what might not be helping the long-term interests of your business, including pricing policies and strategies.
“Pricing Strategy: Achieving Buy-in and Avoiding Pricing Pitfalls”
President Paul Hunt, continues his discussion of customers, competition, costs, capacity/cycle, explaining how the socialization of the 4Cs is essential to achieving buy-in to your pricing strategy. Paul also talks about common pricing challenges and mistakes, and explains how your organization can avoid them.
“Pricing Strategy: Key Ingredients to Getting Started”
Paul Hunt, President of Pricing Solutions, discusses the importance of developing a well-articulated Pricing Strategy, the challenges of pricing globally and four key ingredients in an effective Pricing Strategy.
How Quickly Consumers Buy Says a Lot About How Much to Charge
Quick acceptance or rejection of a new product is most common for everyday consumer goods. Speed of adoption can have a significant impact on the pricing strategy surrounding a new product launch.
Co-Branding With Discount Retailers Could Spell Trouble for Exclusive Brands
As co-branding among retailers becomes more popular. We outline different considerations managers should evaluate before saying yes to that new partnership.
Can’t Handle the Hagglers? You Could Be Leaving Money On The Table
Good negotiation is a commendable talent, but businesses need the skills to deal with good negotiators. Protecting your profitability from good negotiators requires ardent compliance to pricing policies, a flexible pricing infrastructure and the ability to say “no”.
How to Make Competitors Follow Your Pricing Lead
Far from being the first to take action, a true price leader is able to consistently execute pricing actions that result in the desired effect. Much like in a game of chess, a pricing leader devotes the time and resources to understanding the motivations and aspirations of its competitors and to building the skills necessary to think several pricing moves into the future.
Bundling as a Pricing Strategy and Marketing Tool
We find that companies often treat bundling as purely a marketing tactic versus a component in a broader pricing strategy. It is not uncommon for companies to incorporate terms and features into a sale without understanding their inherent value.
Death of The Penny May Cause Extinction of Strategic Price Point
On May 4th the Canadian government officially stopped production of the penny, and will now be using "Swedish Rounding". There may be significant implications for pricing, after all a 1% improvement in price leads to a 12.5% improvement in corporate profitability for the average company.
