Far too often we see organizations who say they want to improve their margins through better pricing, but their actions belie their statements. Effective pricing does not occur by chance, and it does not result from following trite slogans. Likewise, it is not an outcome of a one-time initiative from pricing consultants. Effective pricing comes from a disciplined and strategic approach; one that can be learned. You can be much more effective in your pricing by following the 7 Habits of Highly Effective Pricing (with thanks to Stephen Covey).
The 7 habits are:
- Be a pricing leader
- Set specific goals for pricing improvement
- Understand customer needs
- Deliver value and set prices which reflect that value
- Price to win on high-importance products and price for profit on the rest.
- Involve the whole organization
- Continuously Improve
Read complete article here: