The COVID-19 crisis is likely to confront companies with several rounds of devastating economic impacts until a vaccine becomes widely available. What “vaccine” can a company take to steel itself against these impacts? Commercial agility – a rare combination of capabilities – is what will separate the winners from the rest as the pandemic persists, as the authors explain.
As companies emerge from the COVID-19 lockdown into a new business reality, the winners will be those who remain attuned to sound strategies. As you’re developing your adapted business and pricing strategies, you’ll be looking to play to your core strengths, pivot to exploit competitor weaknesses, and take advantage of new white spaces in the market. In this article, the author presents a 3-step game-plan to fuel your post-pandemic strategy.
Now, more than ever, brands that are maintaining a competitive edge have adopted an agile approach to pricing research. They have shifted their insights strategy to keep a finger on the pulse of consumer behavior now and in the near future, as the author explains.
One of the industries suffering most acutely from the current COVID-19 pandemic and resulting social distancing requirements is the restaurant industry. In this article, the author provides actionable pricing strategies that restaurants can employ now to both survive the storm and also recover afterwards.
The COVID-19 pandemic is causing global economic uncertainty and pricing challenges that are changing daily. One of these challenges is the need to continue to engage with customers to answer near and long-term pricing strategy questions. But will customer research be reliable during this time? The answer is yes, according to the author, who believes that customer research during the COVID-19 crisis can still produce reliable results when carefully implemented.
The impact of COVID-19 and the measurements that governments have taken to curb the spread of the coronavirus are dramatically disrupting our society and economy. The critical challenge for companies affected by this new “six-feet economy” will be to what extent they are able to renovate their value propositions and pass on cost increases to customers, as the authors explain.
For some organizations, the COVID-19 pandemic has created a crisis, while for others, it has created market opportunities. For all, it has forced quick and difficult pricing decisions. Price gouging, price promotions and discounts, and dramatic price increases and decreases have all occurred within the first months of COVID-19 reaching the European and American continents. Which tactic to execute, if any, can be revealed through thoughtfulness and analysis.
How should businesses respond to a crisis, such as the current global COVID-19 situation? In times of crisis, we often see consumer backlash against companies perceived to be employing price gouging in order to capitalize on crisis supply and demand changes. But when are dynamic pricing techniques and price increase actually price gouging? In this article, we explore price gouging and dynamic pricing strategies and how they affect consumers' brand perception.
While the main emphasis on COVID-19 is and should be on containing and mitigating the disease itself, we observe many companies struggling to get their pricing right and adapt to the rapidly evolving situation. We believe there is significant opportunity to emerge even stronger from the crisis and to strengthen your business by taking the medium-term perspective as economies will begin to recover.
The rapid spread of the Coronavirus is causing uncertainty for consumers, suppliers and markets. Consumers decry increased prices in the face of a crisis, but suppliers are working to meet increased demand and prevent scarcity at a more rapid rate. Emergency situations call for emergency pricing responses, but what are the best responses for all concerned? In this article, the author explores the pricing complexity and ethical considerations pricers face in these types of situations.