INSIGHTs for Profit Impact
Do you know the price your largest, most-valued customers are paying? Now what about your smaller, less-volume customers?
If you had to guess, where would you place your business on the bell curve of prices? Too high, just about to fall off and lose your clients?
There are three areas that should be taken into consideration when determining your target price: your product, your customers and the order.
If you are not preparing your team to communicate price changes, the initiative will likely fail. So where do you start?
If you have not completed a price increase in a number of years, you haven't had that difficult conversation in a long time, and it can be hard to handle.
December 11, 2014, I hosted a webinar with Manufacturing.net, “How Manufacturers Can Raise Prices Without Risking Volume: A 4-Step Process to Drive 20% Profit Gains”.
While these steps appear straightforward, they include nuances only learned after several years exposed to pricing implementation trial and error.
Most sales strategies are designed to drive more revenue and margin. Raising prices is, in fact, a driver for both outcomes.
Poor data clarity is a common challenge, as two organizations struggle to blend their various ERP and other business intelligence systems into a unified structure.
Here are four ways to gain better visualization into your organization’s pricing data.