Companies executing on best practices in pricing consistently outperform their competition. They are more profitable, grow faster and very importantly, they are able to communicate the value of their offers to the market. Unfortunately, many companies struggle with pricing. They are not sure where to start and have no way to know if their pricing strategy is doing its job. In some cases it is hard to say what the pricing strategy is, as pricing is often an afterthought.
A good pricing strategy helps a company target the right customers, communicate value, close sales and win the profits needed to make a return to stakeholders and continue to invest in innovation. People struggle with pricing as they do not understand the underlying structure of how their offers create value for their customer. An effective pricing strategy is based on a value-based market segmentation. One that helps target the best customers and support effective value communication.
We have developed a simple self-assessment tool that will help you understand if you are applying best practices in pricing, segmentation and value communication. It will take you just a few minutes to work through this tool and you will be rewarded with a diagnosis that will help you pinpoint the critical opportunities for improvement.
Read through the articles on the Ibbaka blog for ideas on how to improve your pricing, or contact us for a conversation on your pricing challenges. We are happy to provide you with a situation analysis at no charge.