Pricing Excellence? No Thanks!
As a VP or Marketing is this you?
- We keep on missing key objectives during new product launches.
- Inconsistent process. We do not have a consistent method to evaluate the value of our new product.
- Poor Competitive information. Our marketing team has difficulty to gather good competitive price intelligence.
- Finance team asking to increase prices. We're not getting the insights we need to identify where we can raise prices.
- Lack of financial data. Our team does not have access to timely financial information to get the insights make price decisions.
- Lack of commercial focus. We can’t rationalize our product line because the commercial team doesn’t want to lose an opportunity for revenue. As a result commercial focus is lacking on our key products.
- Poor price information. We don’t trust price information because of the different measurement processes used between sites. Our price information, when we have it, is plagued with poor data quality.
- Credibility with commercial team. We are losing credibility with the commercial team who doesn't seem to value the contribution from our team. We're constantly asked for new marketing tools, brochures and presentations but nothing seems to help.
- Price Acumen. Our team seems to be too focused on adding specification vs. creating customer value.
- Canibalization. We suffer from cannibalization because prices are not aligned within our own product offering. Our global customers are also taking advantage of lower prices in different regions.
- Misalignment. There are too many cooks in the kitchen with no one having clear ownership to strategic pricing. If we raise the list prices, the commercial team responds with deeper discounts.
- Lack of process. We can't use price as a strategic lever because we do not have processes in place to do so.
Pricing hurts our credibility. . . It's a mess!
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