How Transforming Pricing Will Set Your Company Up for Success

It’s not an exaggeration to say that pricing is perhaps the most powerful—but misunderstood and underestimated—factor in an organization’s success. Pricing has the power to impact market position and drive demand, but it must align with a company’s margin and revenue goals. Because pricing is dynamic and constantly changing, it can be a real challenge to get right, and too many businesses are still executing traditional, do-it-yourself pricing strategies with manual processes. 

Here are three ways to set your company up for success through a data-driven approach to pricing: organizational alignment and change management, practicing patience for long-term results, and putting the customer first. 

Getting Everyone Onboard Via Change Management  

Everyone must be fully informed and on board when adopting new solutions to support a modern pricing strategy. Company leaders should start by ensuring the correct messaging and training are distributed to the right teams to see a substantive ROI. But crucial to ensuring a new strategy’s success will be the right change management approach. This starts with selecting a pricing transformation leader within the organization that will accelerate the transition of pricing tech adoption. This person—either appointed by the C-suite or volunteering to take on the role—will need a vision of pricing success, a concrete plan to take the entire team there, and the authority to enforce those changes. 

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