In my experience, one of the most overlooked disciplines in business is pricing. This is also reflected in the small number of books on the topic, compared to those on leadership, marketing, strategy, etc.
How often do you and your leadership team ask: Could our prices be increased? Are we discounting too much? How can we protect our pricing as competitors enter? How can we price to capture other segments of the market?
This topic is all the more relevant in the current environment of high inflation. It’s critical right now for many companies to figure out how much they can pass on supplier price increases to their customers without losing them or drastically reducing volumes.
These questions, and others, are covered in depth in Pricing With Confidence by Reed Holden and Mark Burton.
As pricing consultants to large firms, they are well versed in the internal organizational dynamics that make pricing challenging.
A key theme in their book is “build your selling backbone”. This requires thoroughly understanding the value of your product or service relative to alternatives in the market. That means analysing the added (or lesser) financial value of your offering based on the results it delivers or enables for your customers.
The authors also share insights on how to shift pricing at different stages of a product’s life.
Although clunky to read, and technical at times, this book is well worth the time investment.
Book: 202 pages, full audio - 7 hours 23 minutes.
How can you improve your pricing and profitability?
To find out how to improve your profitability to grow more easily, quickly and profitability, AND enjoy the ride, try our complimentary Agile Growth Checklist. This self-service questionnaire takes 5 to 10 minutes to complete. You'll receive the checklist with your responses immediately. Within 24 hours, you'll receive a compiled report highlighting areas to improve. Complete section 5 to check your profitability management practices. Or complete all 7 sections to find out how your company is doing in each of the 7 areas needed to produce more rapid, profitable and sustainable growth. This report is complementary and involves no obligation.