This month Stephan Liozu, CEO of ARDEX Americas, wrote an article in Smart Business Magazine addressing the lack of attention paid to pricing strategy in most companies, despite the acknowledgement that pricing is strategically important to revenue growth. Click here to read the full article. Stephan will also be presenting a webinar next Wednesday July 18th to discuss how to develop the organizational confidence needed to become a "Pricing Superhero". Click here to register for that.
Stephan emphasized that while there are several excuses not to invest in a mature pricing strategy, a few simple steps can be taken to achieve level one of pricing maturity. Just getting to this intial level alone can put an organization in a powerful position to beat their competition on price, win more deals, and experience the revenue growth they are trying to achieve.
- Create a pricing council composed of marketing, sales, and finance leaders to discuss pricing trends, competitive pressure, and new-product pricing on a monthly basis.
- Choose a pricing book to read, such as The Strategy and Tactics of Pricing, and buy copies for your staff to read. Discuss and adapt what you've learned.
- Attend the biannual Professional Pricing Society conference to learn from experienced pricing professionals and get insights to apply to your organization.
- Join pricing groups on LinkedIn, such as the Value Management Group, or groups devoted to a particular region or industry. These groups are composed of pricing and marketing professionals who often meet up to share best practices.
Despite the low cost and the several benefits these practical steps can provide, the majority of organizations still do not have a pricing function or manage pricing with intention. What are you doing today to make sure you are getting the most out of your price?