The Pricing Function is under more pressure than it’s ever been.
Even before Covid-19, the culmination of changing customer behaviours, shifting competitive landscape, rise of protectionism across the Western world, and acceleration of new technologies were drastically changing society and businesses alike. Add to that the impact that Covid-19 has had on businesses in 2020 (halted or reduced production, reduced budgets, growth of online sales, etc…) and it becomes clear that the need for tightening up processes and strategies is more important than ever.
Our latest research shows that two thirds of manufacturers have an underdeveloped value-based pricing strategy. In addition, only 18% of manufacturers have a clear digital strategy. How, then, can organizations use Pricing as a tool to increase revenue and profit margins of economic uncertainty?