Too many companies don’t pay enough attention to pricing to determine whether or not they’re getting it right.
That’s what new research out of Deloitte just uncovered. More than a fifth (22%) of execs recently polled by Deloitte admitted that their company don’t pursue pricing management strategically.
That can be a serious – and expensive – mistake, especially considering that just a 1% improvement in pricing can have a positive impact on profits, according to those same execs.
Once-lowered prices on rise again
Whether or not your company frequently revisits its pricing, there’s real reason you’ll want to do so in the immediate future. During the economic downturn, many businesses lowered their prices in an attempt to keep as many customers as they could.
But things are slowly picking up, which means prices that kept folks in 2009 and 2010 can probably be increased in 2011 and going forward into 2012. Even if your own company didn’t drop prices in the recession, many of your competitors may have, so you’ll still want to check that you are remaining competitive.
