PricingBrew

Insights & Tips

Already a subscriber? Login

Become a subscriber and unlock an information arsenal focused on making your pricing efforts more effective.

Strategic Pricing Starts With a Single Decision

As we interact with pricing teams around the world, we hear a common refrain about time. Many report that the daily firefight is so all consuming that it leaves no time for anything else. These teams are fully aware that there are more important things they need to be doing. And they recognize that tactical activities can only go so far and that they need to become much more strategic.

But they just can’t seem to find the time.

As a result, they put off the important to deal with the urgent. They delay the strategic to address the tactical. And they find themselves stuck—just “hoping” to “someday” have the resources and time to get beyond the firefight.

Of course, we’ve also interacted with a number of pricing teams who’ve already made the transition. These teams are focusing on what’s important and eliminating much of the urgent as a result. They’re practicing strategic pricing and in doing so, reducing much of the tactical firefighting.

So, how did they do it? What’s their secret?

Most often, it started with a single decision. Not a big or complex decision, mind you—just a simple decision to carve out some time. Instead of just “hoping” they’d eventually “find” the time to become more strategic, these teams simply forced a window of time into their calendars.

In most cases, the window was very small in the beginning. One team scheduled an hour every Monday morning to focus on the more strategic aspects of pricing. Another team blocked the last hour of every day on their calendars. In another instance, the team was able to dedicate every Thursday afternoon to their strategic transition.

The power of this simple strategy comes from the forced cadence. While an hour or two every week may not sound like much, you’ll be amazed at what can be accomplished through consistent focus and attention. Your people will begin to think more strategically as a matter of course. Your strategic pricing initiatives will move forward, slowly but surely.

As the results begin to manifest and the tactical fires begin to be prevented at their source, that hour can become two…then three…and so on. And it can all start with just single decision to schedule a small window of time every week.

Get Immediate Access To Everything In The PricingBrew Journal

Related Resources

  • Developing Pricing Leaders

    How do we develop the next generation of pricing leaders? How do we equip our team members to take on more responsibility? And how do we do it all as a matter of course rather than as an afterthought?

    View This Webinar
  • Leveraging Peer Pressure to Improve Pricing

    This tutorial provides insight into salespeople's behavior and outlines an effective game plan for motivating your sales team to police themselves and close more deals at their target prices.

    View This Tutorial
  • Why Pricing Initiatives Fail

    In B2B, some pricing initiatives just don’t work out as planned—they either struggle to produce worthwhile results or they fail outright. So, how do we avoid making the same mistakes that have derailed other initiatives?

    View This Webinar
  • Stop Living With Subpar Price Execution!

    In this Expert Interview, Cath Brands of Flintfox discusses what pricing teams can do to finally address those frustrating and costly price execution issues that have been slowing us down and holding us back.

    View This Interview