Inflation is headed up over 8% per year and could go over 10% in the United States. Interest rates are rising in response, and the economy could tumble into a recession (two consecutive quarters of contraction). Boards need to help their companies develop the resilience to survive these changes and prepare them to adapt to a changing environment. One step towards doing this is to ask some basic questions about pricing, as the author explains.
Successfully managing cost volatility has a material impact on customer satisfaction, sales team satisfaction, and profitability. That’s why it’s imperative to solve this challenge in a way that effectively serves all constituents, as the author explains.
This essay focuses on eight tips that will set you on a path to building organizational capabilities through an outstanding pricing team, which improves not only the bottom line but the combined abilities and contributions of each of the major functions in the organization.
Few chief executives have faced the challenge of leading a company through an inflationary spike like the one we are currently experiencing. Lessons from strong leaders and bold action can help CEOs make the decisions that only they can make.
After two years of disruption, organizations need to adapt an agile mindset to be flexible and dynamic to grow margin and revenue. What are pricing teams and revenue managers doing to stay ahead? Below are the four key pricing tactics you cannot afford to ignore.
Virtually every type of business is feeling the effect of current inflation levels and are being forced to raise prices in order to continue operating profitably. Although most customers understand the current economic pressures and see that prices are increasing everywhere, where things can get messy is in the “how” and “how much” behind these increases. In this article, the author provides best practices for avoiding the appearance of “greedflation.”
In this article, the author presents a nine-step approach that helps MedTech companies to successfully increase their prices while avoiding the most common pitfalls. It is structured in three phases – level configuration, implementation preparation, and roll-out – and addresses the key questions companies have regarding price increases. Although specific to the medical technology industry, this article provides insights for all pricers who are seeking agile solutions to battling current inflation challenges.
Even in today’s digital world in which data about customers, their purchasing behaviors, price sensitivities, and buying experiences is readily available and consistently updated, making important pricing decisions can still be difficult. If your data is inaccurate, dated, or incomplete, your tactics won’t be as effective and you might miss out on potential prospects, as the author explains.
In this article, the authors posit that the term “pricing” does not do justice to the nature and extent of the work done by professional pricing teams, and suggest it is time to rethink the word and expand it to formally include value management and other peripheral activities which are increasingly becoming part of the functional scope.
In pricing, there are two types of complexity. Good complexity can lead to competitive advantage if you can make it simple for customers to absorb. Bad complexity can frustrate potential customers and cause them to seek another solution. In this article, the author provides best practices for making your differentiators and value drivers easy for customers to understand.