Pricing Research can go a long way in helping you discover and create new opportunities for your business. Increasing your company’s prices can be a hard step, but it is pivotal for the health of any company. So whether your objectives are to reevaluate your current pricing structures or to raise prices, it is important to capitalize on the psychological pricing and set optimal price points, as the author explains.
Stephan M. Liozu is Chief Value Officer of the Thales Group (www.thalesgroup.com). He is also an Adjunct Professor & Research Fellow at the Case Western Research University Weatherhead School of Management. He holds a Ph.D. in Management from Case Western Reserve University (2013), is a Certified Pricing Professional (CPP), a Prosci® certified Change Manager, and a Strategyzer Business Model Innovation Coach. He authored three books, Dollarizing Differentiation Value (2016), The Pricing Journey (2015) and Pricing and Human Capital (2015). He sits on the Advisory Board of LeveragePoint Innovation and of the Professional Pricing Society. He is a Strategic Advisor to 360pi, The Kini Group, and PriceSenz. He can be reached at sliozu@gmail.com.
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.
In this article, the author explores how many businesses fail to include pricing research as part of their client and new product development research. He also points out the negative implications that often occur from failing to conduct pricing research and customer value perspective analysis.