I resolve to:
- Set prices according to the value we bring to customers, not according to my costs.
- Use the rich data I have in my transactions and CRM interactions to better understand my customers’ needs, how they react to prices and offers, how their prices compare to similar customers and situations, the reasons we win and lose business, and our optimal price structure.
- Segment my customers into groups that have common needs, purchasing power, and price sensitivity
- Identify the drivers of customer value and price sensitivity for each segment accordingly
- Stratify my products according to their characteristic and attributes that indicate price sensitivity and competitive intensity
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New Year's Resolutions for Pricing.