Implementing best practice pricing
This global FTSE 100 organisation had established brand building best practice but had not defined pricing within this particular programme.
Roles and responsibilities were unclear, managers did not make pricing integral to their brand plans and the customer rather than the consumer was the priority in pricing decisions.
We worked with the business to identify how we could make the consumer central to pricing strategy. We defined the consumer information required, clarified the key drivers and developed a framework for delivering and embedding the new pricing strategy and behaviours globally. We delivered workshops in 30 markets across all continents.
The business has developed a new approach to pricing where the consumer takes centre stage. A pricing culture is now being applied throughout the organisation and pricing is an integral element in the brand planning process. The price positioning statements developed now drive short and long term pricing decisions. Managers are more confident about making pricing decisions and have increased clarity about roles and responsibilities.
Understand pricing from both a consumer and customer perspective and use structured frameworks to make decisions