What is your pricing strategy? A lot of our clients struggle to answer that question. Can you? Or, you may have a pricing strategy, but how confident are you that is the right strategy? Is your pricing strategy at odds with your long-term growth goals? Or, are you worried that your pricing strategy doesn’t address your competitors’ strategy?
What if you could evaluate different types of pricing strategies and use data and analytics to assess the impact of each? What if you could apply different pricing strategies to various segments of your business to drive more value for both your company and your customers? Whether it’s using a penetration strategy with upfront discounts for new customers to grow your base, or a value pricing strategy for long-tenured customers, there’s a pricing strategy that’s right for you and your customer. And whether you’re pricing TV ads or ocean tankers, you need a strategy behind that decision. Otherwise, you’re just flying blind.
If you haven’t assessed your pricing strategy recently, there could be an opportunity to improve it by using data and analytics to better segment your customers and determine which strategy is the best fit for each segment. At Revenue Analytics, we’ve created analytically-driven pricing strategies and helped clients deploy new processes and systems to effectively apply those strategies to drive revenue uplift. These clients have far greater success in achieving their goals and reducing their risk.