How effective is your Pricing Strategy?
In the Pricing Strategy post https://lnkd.in/ghA8_Pbj, we talked about the importance of having a pricing strategy. Once you have the pricing strategy in place, another important aspect is in ensuring we constantly measure the effectiveness of the pricing strategy. Continuous constant monitoring of how we priced and why we priced in a certain way is very important to understand. That way it is easier to assign the context of the pricing strategy to the direction of the company.
And direction of the company will depend squarely on which zone it currently is under. We covered that in the “Zone” post https://lnkd.in/gZ7fqntJ. Once we bring in the Pricing Strategy to the Zone of the company, it gets very interesting and that’s when the power of data slowly starts taking shape. Pure insights around why something happened and the context can all be explained through the simple correlation between the 2.
A strong Enterprise Performance Foundation is needed to gather all the data needed for measuring the Pricing Effectiveness.
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