In our most recent pricing improvement project, we were tasked with finding some low-hanging fruit to execute in 60 days. Our client, a $9B company that has grown as a result of multiple acquisitions is dealing with very complex systems, process, and people integration issues.
Our job was to make a quick and immediate revenue impact. Our first step was to review the process by which pricing changes were made. Due to the complexity of the systems, processes, and data, most folks were worried about making a mistake and were not able to see the full picture of opportunity due to the data sizes involved. We had to do something radical and quick.
We deployed a rule-based approach that transformed the way this company was reviewing their pricing data. Our approach created a path that was holistic and could be replicated as the company generated terabytes of consumer data each month.
By grouping their customers with our analytics horsepower and rule-based approach as well and applying our pricing experience, we were able to lay out a three-year roadmap by quarter for an additional $400M in revenue. And this is just the start – we can see an even more optimistic path to revenue growth by focusing on value and customer service versus discounting.
If you’d like to learn more about how your organization can benefit from pricing improvement projects, click on the Request a Call button below.