If you are like me, the financial turmoil and imminent recession is worrisome. How will it affect my business? How will it affect me personally? But I’m also thinking, “How can I use the current situation to my advantage? How can I grow my business despite the circumstance?” Well, in fact, Best Practice Pricing Strategy is a tool you can use now to gain the upper hand in your business. Here is why:
1 - Leverage: According to consulting firm McKinsey and Co, pricing has greater impact on your company’s profitability than any other strategy; three times greater than cost cutting; twice as much as sales volume increases.
2 - Competitive advantage: Only about 1% of companies have implemented and executed a pricing strategy based on an in-depth understanding of its customers’ decision drivers, perceptions and willingness to pay.
3 - Long term growth: Companies who implement best practice pricing strategies grow at approximately twice the rate of companies with simple pricing practices. As your competitors falter, your company should use pricing strategy to come out on top!
4 - Speed: A best practice pricing strategy can be implemented and executed in two months or less.
5 - Now is the time: With the financial market in turmoil and recession looming, if you have not yet implemented a best practice pricing strategy (and chances are significant that you have not) – now is the time that you need its benefits more than ever.
I hope the above points give you something to think about. You can see this economic downturn as a bump in the road or (I hope not) a disaster. Or you can see it as an opportunity to grow, to increase your revenues and profits, to increase your competitiveness. To come out on top.
Remember that the choice is yours.
With positive and hopeful regards,
Per Sjofors
Founder, Managing Partner
Atenga Inc
www.atenga.com
per@atenga.com
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