Three factors will ultimately determine how prepared the chemicals sector will be for the post-COVID-19 era: how well the companies understand the current effects of the COVID-19 crisis, how the companies cope with uncertainty in the meantime, and how well they seize five key opportunities to gain a competitive advantage.
While COVID-19 has ravaged much of Europe and the Americas, the world can look to Japan for a formula for long-term survival in turbulent times. Harvard Professor Hirotaka Takeuchi, author of “The Wise Company: How Companies Create Continuous Innovation,” offers insight into the Japanese model. These tactics can be very useful to pricers in multiple industries looking for innovating ways to weather the economic storms caused by the COVID-19 pandemic.
We are in unchartered waters of a global pandemic and macroeconomic uncertainty. In this environment, how should businesses adjust their strategies to best address the unpredictable market? Are price cuts – or price increases – warranted to protect growth and margins?
While measures to stabilize businesses are surely top-of-mind, now is also the time to think both strategically and tactically about sales and pricing capabilities. Successful companies understand what drives sales wins and focus resources accordingly. In this article, the authors focus on tactics to use right now to protect the existing business and improve win rates, despite the market environment.
Experience shows that some of the most thoughtful pricing leaders take advantage of slowdowns to invest in the future. Building new pricing discipline, flexibility, and capabilities now can create long-term competitive advantages. For pricing leaders, the three most important areas to focus on are: being creative in meeting customer needs while preserving value, driving strong pricing discipline, and investing boldly in capabilities for the future, as the authors explain.
While the current global crisis is making it necessary for companies to act quickly, careful consideration must be made regarding pricing decisions and strategies. Rash actions can have detrimental effects that can become long-term burdens, and poor decisions in a time of uncertainty can result in years of rebuilding in order to restore profitability. In this article, the authors present immediate actions that you can take to protect your company’s cash flow while also ensuring its long-term success.
The coronavirus crisis is affecting companies and the economy with full force. The consequences are multifaceted, from the increasing vulnerability of supply chains and the rising number of infections on production lines to added stress on sales teams, which must react to rapidly changing market events. Adding agility to their pricing processes and price models can help companies reduce the impact of the crisis, as the authors explain.
Many companies are now revising pricing strategies to build resiliency for the aftermath of COVID-19. Companies that refine their pricing strategy with foresight in 2020 will set the stage for a stronger recovery and long- term growth as the crisis abates. In this article, the authors present a roadmap for redeveloping pricing strategy based on insights into three key areas.
Pricing a new product is complex and pricing a new offer during the COVID-19 outbreak is even harder, especially as market research may not be accessible or reliable. In this article, the author outlines the possible challenges that may develop when conducting research for a new digital product during this time period, potential solutions to address and minimize these research challenges, and pertinent feedback from the front-line respondent recruiters and market research panel companies who are conducting research during the COVID-19 crisis.
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.