Tariffs generate seemingly endless complexities, which change by the month and muddy the waters of any coherent pricing strategy pricing teams try to implement. What can pricing professionals do right now to preserve margin, maintain volume and remain compliant with audit requirements? This article outlines recommendations that have been developed through first-hand experience with customers dealing with tariffs in multiple industries.
The topic of tariffs has recently gained momentum throughout the pricing space, and specifically in industrial and manufacturing markets. To help pricing professionals grapple with some of the complexities of tariffs, and view them as an opportunity to evaluate cost structure and explore opportunities to tighten up pricing processes, in this article, the author has outlined a 3-Step process to help guide price adjustment decisions and strategy.