Pricing is the most significant factor affecting the profitability of a business.
When the pressure is on to perform or grow, your instinct may be to discount, undercut your competitors, cut costs and promote through price. Yet these are often the very last things you should do.
Despite the significance of price as a key driver of profits, the vast majority of businesses do little or no research into their pricing options, do nothing to test price resistance within their customer base or wider market, and provide almost no training to front line employees on how to negotiate and defend prices with customers.
Successful pricing requires a careful balance of financial understanding, basic economics, sales skills, as well as effective communication.
As a firm we have considerable expertise in this business critical area, as one of our Directors, Peter Hill, is the author of ‘Pricing for Profit’, published across Europe, the US, Canada, Brazil and even Vietnam! Peter has delivered consulting advice to businesses of all types and sizes with a dramatic impact on bottom line profits.
All our work in this area is based on real life projects and practical advice, rather than text book theory. If your objective is to grow profits, then pricing will be a key element, if not the most important one, in delivering that growth.