Pricing is a unique business function. It’s a function that has incredible leverage to improve a company’s margin and performance. With careful pricing analysis to determine where prices can be improved, you can increase gross margin without having to lower costs or change how the business functions.
Of course, improving those prices starts with careful analysis. And careful pricing analysis often starts by asking a good question. A question like, “Where can we find opportunities for more profitable pricing?”. The right answers to that question can do wonders to a company’s bottom line so pricing teams set out to crunch and slice the data to find those insights.
But what if those analysis efforts weren’t limited to pricing. You’ll already be crunching the data, right?. What if your analysis effort could uncover other profitable insights as well?
As one of the guides in the PricingBrew Journal points out, Four Ways to Get More Out of Pricing Analytics, uncovering those additional insights could be as easy as starting with a slightly different question:
“Where can we find opportunities for more profitable growth?”
Naturally, you’re already looking for which customers could be paying more. But by broadening your scope a bit, you can likely uncover a sea of other opportunities using that same dataset. You might be able to reveal which customers could be buying additional product types from you. Or maybe you could discover which customers could be taking more volume.
Sure—the opportunities you’d uncover with this analysis aren’t strictly related to pricing. But they can certainly help boost your bottom line. They might even help boost your career too.
