Pricing Surges to the Top priority for CFOs
Hot off the presses from McKinsey’s article, “Into the storm: CFOs pivot to managing financial headwinds” there were several eyebrow-lifting results from the recent PULSE survey.
What jumped off the page?
A 525% increase in CFOs prioritizing pricing.
You read that right.
Pricing is now the #1 area of focus, with nearly 42% of all surveyed CFOs workdays going toward “pricing of a company's products and services.” Pricing surpassed all other responses on the survey including 2021’s top responses of Performance Management and Strategic Leadership. CFO’s have shifted their focus to where they can directly influence change in the organization.
As we enter 2023, is your company prioritizing pricing? According to the article, CFO’s are leaving the pandemic in the rear mirror. Even supply chain concerns, which continue to be in the media, rank lower among their top impediments to growth. Inflation continues to keep CFO’s up at night which goes hand in hand with pricing. As costs continue to increase (and for some, starting to decrease), a solid pricing strategy sets the pace to increase margins even in an unpredictable financial climate.
Should pricing be on your radar? Here’s an easy way to tell: watch this quick video on diagnosing if your pricing is a mess. If that looks nothing like your company, follow up with a quick gut-check on how your new deal pricing and customer price increases happen. If neither of these videos remind you of your company, you’re likely in the clear.
Not sure where to start?
We hear that a lot.
Book a time today to share where you are with pricing strategy and what you want to accomplish in 2023.