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The Hardest Part About Pricing

If you are at any lake or swimming pool anywhere in the world on a hot summer’s day, you are likely to see at least one person dipping a toe in the water and then jumping back.

“It’s too cold!” they complain.

Their family and/or friends then start the timeworn ritual of coaxing them to get into the water.

“It’s not so bad when you get used to it!”

“It feels warm to me now.”

“Just jump in!”

And in nine cases out of ten, the person on the shore or the edge of the pool will eventually jump in and discover that, in truth, the water actually feels pretty good.

In just about any enterprise worth undertaking, the hardest part is getting started. Often our own fears keep up from “jumping in” and taking even a small risk.

In the pricing profession, those fears might sound like this:

  • “What if I can’t get management to buy-in?” You’ll probably have to sell a new pricing initiative to management, but you shouldn’t let that intimidate you. We’ve done tons of research into what works (and what doesn’t) so you can take an approach that’s already proven successful for other pricing folks were in exactly your situation. Check out Selling Your Pricing Initiative and Why Pricing initiatives Fail.
  • “What if I can’t get sales to change how they do things?” This is one of the most common fears in pricing—and deservedly so. The sales team probably doesn’t want to do things a different way. But that doesn’t mean it’s impossible to get them to change. For valuable tips that have helped other pricing organizations, see Getting Salespeople to Price Better and Getting Sales to Sell the Value.
  • “What if the initiative doesn’t work out?” We can almost guarantee that your current prices have some room for improvement. The challenge isn’t whether you can improve, it’s determining the best way to make that improvement. And that’s why we highly recommend starting with with in-market trials or pilot programs—especially with a new technology or process. It allows you to identify issues early on and provides the space to test new things without a lot of revenue at risk. Pricing Pilot Programs has lots of tips on starting with a small-scale test.

Getting started can be scary. But PricingBrew is here to be your personal encouragement and support network.

And trust us, once you jump in, it feels great!

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