Pricing Strategy | Troubling Signs
While working with clients in our pricing strategy workshop, we’ve often observed a number of troubling signs with how pricing is perceived and understood, how prices are set and optimised, and finally how price realisation is managed.
Interestingly, these troubling signs have spanned industries, pricing architectures, formats, and approaches.
These troubling signs are often symptoms of deeper challenges related to:
Misalignment. Conflict and misalignment between key pricing stakeholders and departments.
Right Pricing. Continual debate as to whether the ‘right price’ should be higher or lower.
Price Authority. Who should have ultimate price authority, and why should/shouldn’t sales be fully involved.
Price Setting. How should prices, and especially contract and bid prices, be set and optimised.
Pricing Strategy. What is it, who sets it, why can’t anybody articulate it, and who’s actually engaged with it.
Pricing Process. Why is it so hard to get the right price out to the customer in a way that doesn’t consume so much time and resources.
Pricing Culture. Why is pricing often not the most important topic of discussion; compared to winning than next order or contract or launching that next marketing campaign.
We’ve also observed that far too many ‘off-the-shelf’ pricing strategy workshops (in-house and public) plaster over the symptoms and routinely fail to comprehensively address the deeper causes.
StratPrix | Pricing Strategy Workshop and Forum
It’s a little different to the usual strategy talkfest in that it blends real-time:
Interactive Learning. To build organisational IQ through our Pricing Education Pack and Virtual Market Environment .
Participant Input. To gauge the optimality of existing price points, contract bid-prices, discount and rebate matrices, and price-value positioning strategies.
Decision-Calculus. In which we combine statistical analysis with in-house expert opinion to correctly identify and prioritise the root causes behind any sub-optimal pricing practices.
to create a knowledge-rich and engaging environment to drive a step-change in organisational pricing capability.
Pre-work for the StratPrix pricing strategy workshop consist of two elements
Our PriceAnalyser+Diagnostic; completed by all organisational stakeholders; and
An industry and market specific review of indicative data that is analysed with our predictive analytics to gauge current pricing optimality.
The StratPrix forum and subsequent deliverables build and expand on this pre-work.
To learn more about how StratPrix can deliver a pathway to superior and sustained price realisation please contact us.