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.
Many pricing professionals believe that a value-based approach is the best way to set a fair price for your products and services. But data-driven pricing, when done right, will also lift your profit margins in the short term. Here’s the story of how hunting down hidden data turned profits around for one company.