In recent years, the word value has become almost meaningless. This watered-down version of value frustrates anyone striving to improve sales effectiveness and overall business results. We know customers want value. But, what does that mean exactly?
I love Thanksgiving. We get to focus on eating food (my favorite), watching football, spending time with family and friends, but most importantly, we all get to reflect on what we have to be thankful for this year. Family, friends, and health usually top the list and this year is no different.
Does your sales team spend more time negotiating with you than with the customer? Do they struggle to achieve pricing targets? How well-equipped are they to accomplish the objectives they are given?
Adele McLean talks about finding your pricing purpose in this week's video blog. Find out if you have succumbed to some of the common pricing pitfalls, like cost-plus and market-based pricing, and how to get your pricing priorities back on track.
As a pricing professional, I always love to quote the study that a 1% improvement in price leads to 11% in operating profit, whereas a 1% increase in volume sold improves only by 3.3%. If the business case for managing and improving price is so apparent, why don’t more companies do it?
The purpose of "big data" is to give managers a clearer vision of something so they can make decisions about products, pricing and distribution. In pricing, it is generally around how customers buy. It uses statistical techniques to group customers into definable segments and helps you figure out how to sell to those segments.