The McKinsey post “Pricing through the Pandemic: Getting Ready for Recovery” is extremely relevant, as the pandemic has made everyone more aware of pricing. The article suggests some great short-term measures to ease the “stress” regarding pricing, but is not a long-term strategy. Pricing is too powerful to ignore, as highlighted in the graphic below.
This chart from a study by Deloitte shows that a 1% increase in price can improve operating profits by over 12%.
I featured this chart in a white paper I wrote on the power of pricing. You can download a PDF of the paper via this link – 5-Steps to Double the Net Worth of Your Company through Value Based Pricing.
I would love to discuss your views about long-term pricing strategies. Contact me via LinkedIn messenger (https://www.linkedin.com/in/richardrbond/), email (Richard.firstname.lastname@example.org), or text (203-216-0618).