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Pricing Strategy for Mid-Market Companies
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Pricing Strategy for Mid-Market Companies
1.
Pricing Strategy for
Mid-Market Companies www.ShortTrackCEO.com www.ShortTrackCEO.com ©2010 ShortTrack CEO
2.
SYSTEM FOCUS 2
www.ShortTrackCEO.com ©2010 ShortTrack CEO
3.
MARKET QUADRANT REQUIRES
PLANNING Foundation Market • Product / service • Sales force • Purpose • Marketing strategy • Culture • Brand strategy • Competitive Company positioning Value • Profitability • Good skills • Capacity • Hiring success • Productivity • Motivation • Cash flow • Accountability Operations People 3 www.ShortTrackCEO.com ©2010 ShortTrack CEO
4.
GOAL IS TO
INFLUENCE MARKET F M Even if your foundation was viable Are you influencing your yesterday, will it be market or is your market viable tomorrow? influencing you? Do you have the right Does the validated balance between assessment of your investing in today and people guarantee you’ll investing in tomorrow? achieve your public and private agenda? O P 4 www.ShortTrackCEO.com ©2010 ShortTrack CEO
5.
PRICING REINFORCES YOUR
POSITIONING • Who buys from you – Competitive positioning – Competitive advantage – Brand strategy – Distribution strategy – Pricing strategy 5 www.ShortTrackCEO.com ©2010 ShortTrack CEO
6.
PRICING
• What is your pricing strategy? – Cost plus? – Match competition? – Undercut competition? – Don’t have one? • Pricing is one of classic “4Ps” of marketing – Product, Price, Place, Promotion 6 www.ShortTrackCEO.com ©2010 ShortTrack CEO
7.
PRICING
• Pricing strategies can be complex – Can support or “fight” your brand and positioning • Key is to align pricing strategy with – Value proposition – Competitive positioning – Brand strategy 7 www.ShortTrackCEO.com ©2010 ShortTrack CEO
8.
PRICING
• Alignment creates “harmony” – Price is final piece of brand puzzle in most buyers’ minds • Price creates value perception – Grey Goose vs. Smirnoff 8 www.ShortTrackCEO.com ©2010 ShortTrack CEO
9.
PRICING
• Changing pricing is important – Parker Hannifin CEO defined its strategy • Pricing alignment with brand strategy – Product leadership = higher prices – Operational excellence = lower prices – Customer intimacy = midrange to higher prices 9 www.ShortTrackCEO.com ©2010 ShortTrack CEO
10.
PRICING
• In B2B, how do salespeople damage brands? – Always lowering prices to “get the sale” • Devalues offering unless value proposition is operational excellence – Give other incentives instead of just lowering price 10 www.ShortTrackCEO.com ©2010 ShortTrack CEO
11.
PRICING
• How does pricing affect revenue and profits? – Price sensitivity, or “elasticity” affects volume • For non-economists, shows slope of demand curve – Flat means market not sensitive to price changes – Vertical means market very sensitive 11 www.ShortTrackCEO.com ©2010 ShortTrack CEO
12.
PRICING
• What is the easiest way for most mid-market companies to increase profits 5%? • Raise prices – Evaluate first – Should We/Can We™ will reveal impact • People involved – Sr. mgmt/CEO – Sales and marketing teams – Finance 12 www.ShortTrackCEO.com ©2010 ShortTrack CEO
13.
PRICING
• What might a pricing audit reveal? – Raise some prices – Keep some same – Lower some • Will make right choices if – Match pricing to strategy and understand elasticity 13 www.ShortTrackCEO.com ©2010 ShortTrack CEO
14.
PRICING BOARD RESULTS 14
www.ShortTrackCEO.com ©2010 ShortTrack CEO
15.
PRICING
• Add completed reports to strategy binder • Will use for next module 15 www.ShortTrackCEO.com ©2010 ShortTrack CEO
16.
• Download our
eBook for More – http://www.shorttrackceo.com/mid-market-ceo-ebook/ 16 www.ShortTrackCEO.com ©2010 ShortTrack CEO
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