For fast results: Success in economic downturn requires best practices in pricing
By Manufacturing Business Technology Staff -- Manufacturing Business Technology, 10/8/2008 2:01:00 PM
The current state of the economy should not be thought of as a disaster, but an opportunity to come out ahead of your competitors.
Per Sjofors, a pricing expert and managing partner of Atenga Inc., says to secure your business, improve your profits, and outlast your competitors during a financial crisis, the key is to implement best-practice pricing strategies.
Sjofors offers these findings to support his claim:
• New York-based McKinsey and Co. says pricing is three times more powerful than cost -utting and twice as much as sales volume increases.
• Only about 1 percent of U.S. companies actually implement best-practice pricing strategies, and most of these companies are market leaders.
• Results emerge in as little as two months.
Atenga, a strategic price consultancy that provides services to commercial and industrial firms worldwide, seeks to improve clients' profits and revenues by developing and implementing optimized pricing strategies. It offers education, consulting and strategy advice services.
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