Price increases can be difficult to implement but there are tangible steps you can take to ensure a smooth transition and get customers on-board.
Improving your pricing strategy is a dependable way for your organization to improve its bottom line & profitablity. We discuss several steps on roadmap to strategy improvement.
Leveraging price optimization for long term growth can be a complicated process. We discuss the importance of calculating the value of a long term customer relationship.
Your customers may love discounts but are they good for business? We shed some light on the dark side of discounting and how they might negatively impact your business.
The newspaper and information publishing industry are finding it more and more difficult to maintain profitable in such an aggressive market. Experiencing intense pressure from advertisers and consumers, industry leaders are looking for new ways to capture value and maintain margins. One strategy that we’ve seen work is module advertising.
Managing price is increasingly difficult and complex for Medical Technology companies. Internal development of the pricing function, organization and skills is a must. Read our thoughts on the state of pricing in the medical device industry…
Quantified customer research is key to establishing the optimal price point and enables companies to capture more revenue. Companies leading the way in Pricing Strategy regularly conduct extensive Pricing Research. This is especially important in the Fashion industry, where customers’ perceived value can far exceed production costs.
Analytics and “big data” are everywhere, but a lot of businesses struggle to find any practical use for their data. We have identified five situations in which a business needs to make use of its data and implement an analytical process.
Companies must become more adept at developing pricing strategies that address the challenges of price transparency or be faced with conflict both internally with channel partners, and with end users
Many organizations begin their annual pricing process in July in order to be ready to start invoicing Jan 1st. By developing a pricing strategy as part of your annual planning process you can achieve profits well in excess of just taking a uniform increase.
Picture the following scene: it’s nearing year-end and company executives are immersed in high-level strategic meetings. The objective: improve company profitability in the coming year.
In recent years we have seen the sporting world borrow pricing strategies from other industries, and vice versa. In such a diverse business environment what is the optimal pricing strategy for events, and what can other sectors learn from developments in ticket pricing?
Every business has a pricing process. Find out where your organization falls in the 5-Levels of World Class Pricing. Not long ago I thought it was time to “get personal about pricing,” and wrote World Class Pricing: The Journey. More than 20 years of experience and 700 projects went into developing a roadmap to pricing […]
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.
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.
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.
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.
Far from being the first to take action, a true price leader is able to consistently execute pricing actions that result in a 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.
Singapore: July 18, 2012 – Pricing Solutions Ltd., a leading consulting firm specializing in pricing strategy and well known for its World Class Pricing ™ Methodology and Price + Value Insights™, is delighted to announce the opening of its Asia Pacific Headquarters, located in Singapore. Paul Hunt, President of Pricing Solutions Ltd. said “Over the […]
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.
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.
If a consumer is shopping for an exclusive brand and likes the idea of buying smart, then many would conclude they can save some money by buying online from a country that sells it cheaper. However, the truth is that they probably won’t succeed; at least not online.
I was presenting at a conference recently and mentioned the Professional Pricing Society. A gentleman in the audience scoffed and could not believe there was such a thing! Well, believe it or not, there actually is a Professional Pricing Society and it has been in existence for quite some time.
Just when things were looking bleak for Netflix they caught a break as Bank of America came along with their debit card pricing fee. Bank of America has taken such a beating for that decision that if there was such a thing as a Pricing Piñata it would have their logo emblazoned all over it.
Pricing strategy is a hot topic these days. Over the past 20 years, we have helped many companies develop, refine or transform their pricing strategy, but today we get requests for help more frequently than ever before. So why the surge of interest now?
Finance Minister Jim Flaherty recently announced his desire to commission a Senate Committee into Canadian pricing. There have likely been a number of triggers for his reaction, but J Crew, a specialty apparel retailer, entering Canada at a significant price premium to its US pricing and subsequent reversal I am sure was part of the cause.
Good pricing means knowing where your power is. If the value is strong, there is an opportunity either to raise prices or grow share. If the value is weak, pricing must be adjusted accordingly to protect your brand. Otherwise, you risk becoming irrelevant.
An increasing number of clients have been evaluating the Groupon model and trying to assess whether it is right for their business. This is a difficult question that often leaves high-level executives perplexed. In order to make an informed decision, it is essential that you approach this decision in a process-oriented manner.
Netflix has been getting a lot of attention lately for its new pricing strategy. If you have kept an eye on the matter you will have noticed that there is an interesting paradox. Consumers hate it but analysts love it. They may lose as many as 2.5 million customers but profitability should go up.
Airlines are leaders at sophisticated pricing systems, developing micro segmentation and capturing profits. Despite being leaders airlines still have the opportunity to capture more profit with simple tweaks to their pricing model. Read more on our thoughts…
A consultant at Pricing Solutions recently presented some learnings he took away from an IBM conference on the topic of analytics. An important topic was the emerging frontier of using real time data to make real time decisions. From a pricing perspective, how could this level of data analytics move companies forward in their ability to be good value based pricers?
I have been watching the Stanley Cup Finals between Boston Bruins and Vancouver Canucks. One of the keys to Boston’s success has been the steady play of defenseman Tomas Kaberle. Kaberle was acquired from the Toronto Maple Leafs in February of this year.
The thing I love about pricing is it is all around us. Each week I plan on sharing some of my pricing experiences during that week. Hopefully, you will find them interesting and entertaining. Last week, I had two pricing experiences that got me thinking about how to price. One was a scam that was […]