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.
With the announcement of Brexit came many unknowns. We discuss strategies that your pricing department can use to counter the ambiguity and achieve a winning pricing strategy.
Are you making one of the three most common Pricing mistakes we see businesses making? If so, here’s our advice on how to correct them.
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.
In pricing we talk a lot about developing an ‘outside-in’ perspective; the type of perspective that helps you understand what customers are willing to pay for. Pricing research provides critical insight into your customers but watch out for common pricing pitfalls.
Cost based pricing is relatively simple. The simplicity of cost-based pricing is what attracts many companies. But we think companies would benefit from slowing down before adopting such a pricing strategy.
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.
Kent had been excited about launching his company’s newest engine into the aviation industry. It offered major benefits, such as better mileage, greater durability and reduced maintenance costs. Unfortunately, sales were anemic, and Kent was forced to discount heavily to hit his target numbers.
For many lost deals, price was not the factor; perceived quality was the driving force behind the decision. Collect customer feedback and use lessons learned to refocus your service-delivery model and win more deals.