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.
: Despite the proven positive impact that pricing has repeatedly demonstrated to have on profits and revenues, many companies are still hesitant to employ pricing strategies and improvement for fear of customer loss. In this article, the author presents three things pricers should focus on in order to build the confidence needed to minimize the risk of customer loss while improving pricing strategy and profitability
Businesses in all markets should constantly be looking for ways to increase profits and better optimize every aspect of their operation. One proven way to do so is by evaluating pricing strategies and utilizing solid pricing research to make sure they maximize profits. In this article, the author presents six best practices pricers should employ when conducting pricing research.
Several large airlines have recently begun to offer customers a lower-priced, basic economy fare option. At first blush, it’s difficult to see how a further degradation of airline service can enhance profits and attract customers. However, as the author reveals, this is actually a powerful pricing strategy.
In this article, the author examines rates of inflation growth over the past century, current indicators of pending inflation increases, challenges that pricers face under inflationary conditions, and tactics pricers can implement to maintain stability and profitability amidst fluctuating markets and currency values.