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Restarting Pricing Initiatives? Not So Fast…

Many months ago, companies everywhere pushed the giant “pause” button. They halted discretionary spending. They froze hiring and suspended forward-looking investments. And most new initiatives were put on the back burner.

Under the circumstances, this “hunker down and see what happens” stance was both understandable and appropriate.

Today, many of the unknowns are now known. Much of the fog has now lifted and there’s more visibility and predictability. And people are now sensing that it’s time to get moving and companies are getting into position to start doing things again.

So recently, we’ve been fielding a number of questions from pricing teams about the best ways to proceed. And as positive indicators are always welcome in times like these, we couldn’t be happier to see this dynamic!

That said, however, there’s often an underlying assumption that the pricing initiatives that were put on the back burner or paused many months ago will just be brought back to the forefront and restarted. I guess it’s only natural to think about “picking up where we left off” or “doing what we were doing before.” And the idea of “getting back” to some former state of normalcy is pretty appealing.

But while this approach may be intuitive, it’s not at all ideal.

As we discuss in the Crisis Q&A webinar, disruptions like we’ve been dealing with can’t last forever. But when they do eventually abate, we usually find that things are not the same as they were before.

We may have different resources available to us. Our teams may operate in different ways. Our competitors have been affected in various ways. Our customer base and prospect pools have been shaken up. Formerly-hidden problems and weaknesses have been exposed…as have new and unexpected opportunities. And the list goes on and on.

The point is that while the storm may be passing, it has likely altered the landscape in some significant ways. And thus, our old maps may no longer be reliable and we may have to devise a different path forward from here.

Yes, it’s time to get moving again. But no, you shouldn’t just restart the initiatives that were put on hold. Reassess the situation. Reevaluate your priorities. Then, plan for the situation as it is now…not as it was before.

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