Companies can capture hoped-for value from their pricing transformations by matching technology solutions to their unique needs and avoiding common pitfalls. In this article, the authors provide a roadmap for designing and implementing a pricing transformation process and outline potential roadblocks and common mistakes to avoid.
Stated simply, pricing transformations improve profits and reduce price erosion by improving pricing accuracy and control over pricing negotiations. In practice, however, it isn’t so simple to implement an organization-wide pricing transformation, as the author explains.
In this article, the author examines the ten most common challenges that arise for companies attempting to implement global pricing transformations.
The era of the 1% rule, the long-term benchmark for the benefits of strategic pricing, is rapidly ending. The much greater pricing opportunities for firms today are in innovation and transformation. In this article, the author explains the reasons for this shift and presents strategies for developing pricing strategies for this new pricing landscape.